StepFun to File for Hong Kong IPO as Early as Monday, Valued at Up to $120 Billion

According to Beating Monitor, citing sources familiar with the matter from The Wall Street Journal, Chinese AI startup StepFun could submit its Hong Kong IPO application as early as Monday. Major investors have proposed an IPO valuation of up to $12 billion for StepFun, though the final valuation may still change. Prior to StepFun, competitors Zhipu AI and MiniMax listed on the Hong Kong Stock Exchange in January this year. Both companies’ share prices surged after listing, potentially delivering substantial returns to early investors before the lock-up period expires next month. Recently, both Zhipu AI and MiniMax have indicated they are preparing for listings on the mainland market. Another Chinese large model startup, Moonshot AI, is also preparing for a Hong Kong listing. This wave of密集 listings reflects Chinese AI companies’ urgent need to attract investors amid favorable market conditions. Over the past year, Hong Kong has re-emerged as one of the world’s most active IPO markets, largely due to a surge of Chinese companies from the AI, semiconductor, and biotechnology sectors choosing to list there. StepFun was founded in 2023, with its founder and CEO Jiang Daxin formerly serving as a vice president at Microsoft. Earlier this year, StepFun appointed Yin Qi, co-founder of facial recognition company Megvii, as chairman.