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Chinese AI Unicorn Jieyu Star Eyes Hong Kong IPO with Potential $20B Valuation, Led by Former Microsoft Executive and Tencent Funding
The "Shanghai team" in the large model arena is accelerating its push toward the capital markets. On February 26, 2026, as reported by Zhitong Finance , AI startup StepFun is planning a Hong Kong initial public offering (IPO), aiming to raise approximately $500 million USD (around HK$3.9 billion).
If the process proceeds smoothly, StepFun could list on the Hong Kong Stock Exchange this year, positioning itself as one of the first leading domestic AI large model startups to go public.
Core Strengths: Microsoft Veteran and "Trillion-Parameter" Ambition
The rise of StepFun is closely tied to its formidable founding team:
Founding Team: The company was founded in 2023 by former Microsoft global vice president and computer scientist Jiang Daxin. As a seasoned expert in the AI field, his technical reputation provided the company with a strong industry foundation from the outset.
Technical Approach: The company primarily focuses on developing foundational large models and is a firm advocate of the "AI + Device" strategy, aiming to deeply integrate large model capabilities into hardware ecosystems.
Funding Landscape: Major Investors Vie for Stake
Just this January, StepFun closed a significant funding round, bolstering confidence for its upcoming IPO:
Substantial Raise: The Series B+ round secured over 500 million RMB, led by industrial investors including Shanghai Guotou Pioneer Fund, China Life Equity, and Pudong Venture Capital.
Continued Backing: Existing shareholders such as Tencent, Qiming Venture Partners, and Five Seasons Capital also participated, demonstrating the capital market's faith in the company's long-term technological competitiveness.
Corporate Updates: According to Qichacha , the company recently added China Beizhang Communications as a shareholder, and its registered capital increased to 23.9436 million RMB.
Industry Context: Prelude to an AI Unicorn "IPO Wave"
As model development enters more advanced stages, the immense costs of computing power and R&D are making IPOs an inevitable path for industry leaders. THS Finance analysis suggests that a successful Hong Kong listing for StepFun would not only provide sustained resources for the company but also deliver a significant boost to the Chinese AI industry during a period of valuation recalibration.
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The "Shanghai team" in the large model arena is accelerating its push toward the capital markets. On February 26, 2026, as reported by
If the process proceeds smoothly,
Core Strengths: Microsoft Veteran and "Trillion-Parameter" Ambition
The rise of
Founding Team: The company was founded in 2023 by former Microsoft global vice president and computer scientist Jiang Daxin. As a seasoned expert in the AI field, his technical reputation provided the company with a strong industry foundation from the outset.
Technical Approach: The company primarily focuses on developing foundational large models and is a firm advocate of the "AI + Device" strategy, aiming to deeply integrate large model capabilities into hardware ecosystems.
Funding Landscape: Major Investors Vie for Stake
Just this January,
Substantial Raise: The Series B+ round secured over 500 million RMB, led by industrial investors including Shanghai Guotou Pioneer Fund, China Life Equity, and Pudong Venture Capital.
Continued Backing: Existing shareholders such as Tencent, Qiming Venture Partners, and Five Seasons Capital also participated, demonstrating the capital market's faith in the company's long-term technological competitiveness.
Corporate Updates: According to
Industry Context: Prelude to an AI Unicorn "IPO Wave"
As model development enters more advanced stages, the immense costs of computing power and R&D are making IPOs an inevitable path for industry leaders.
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