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Stepfun, one of China's AI Six Tigers, has reportedly completed a new US$2.5 billion (HK$19.4 billion) funding round and dismantled its red-chip structure, accelerating its push toward a Hong Kong initial public offering, STAR Market Daily reported.
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Earlier market rumors suggested that Stepfun plans to list in Hong Kong this year, aiming to raise around US$500 million.
Stepfun's latest funding round introduced investors, including global handset ODM manufacturer Huaqin Technology (3296), CMOS image sensor supplier OmniVision Technologies (0501), and ZTE Corporation (0763), spanning multiple segments from end-product manufacturing to upstream core components.
The report also noted that Stepfun completed its share reform in late April, and its red-chip structure has been dismantled, transforming the company from a limited liability company into a joint stock company — a move typically seen as a key preparatory step for a Hong Kong IPO.
In addition, the Hong Kong Investment Corporation, often referred to as Hong Kong's Temasek, also appeared on Stepfun's shareholder list.
Stepfun was named by MIT Technology Review as one of the four Chinese AI startups worth watching beyond DeepSeek. In an interview earlier this year, Jiang Daxin, founder of Stepfun and former vice president at Microsoft, said Stepfun has a team of over 500 members, of whom nearly 80 percent are algorithms and technical staff.
Li said that since its early days, Stepfun has pursued cooperation with many industry leaders across areas such as financial information, content creation, smart terminals, and consumer electronics. These include the AI agent Xiao Caishen, co-developed with Cailian Press, and exploring safety inspection application scenarios with the tea chain Chabaidao.
China's AI Six Tigers include Zhipu (2513), Moonshot AI, MiniMax (0101), Baichuan Intelligence, StepFun, and 01.AI. With Zhipu and MiniMax listed in Hong Kong earlier in January this year.
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