Xieyue Xingchen Close to Completing $2.5 Billion Financing

Domestic large model company StepFun is set to complete a financing round of nearly $2.5 billion. Business information shows that the company has completed its share reform in April, changing from a limited liability company to a joint-stock limited company; reports citing insiders say that its red-chip structure has also been dismantled, which is usually considered an important prerequisite step for going public in Hong Kong.

In the company's latest financing, industry chain capital has concentrated on entering the scene. Shareholders including Huaqin, Longqi, Howei, and ZTE cover the entire manufacturing to the upstream core components, indicating that the binding between large model companies and hardware supply chains is deepening. In addition, "Hong Kong's Temasek" Hong Kong Investment Management Co., Ltd. (HKIC) also appears on the list of shareholders, providing further endorsement for its Hong Kong listing.