Tencent-backed AI startup StepFun plans Hong Kong IPO that could raise $500M
Shanghai-based AI startup StepFun is considering a Hong Kong IPO that may raise about $500M, tapping investor appetite for Chinese AI companies. The company has held discussions with prospective advisers and could go public as soon as this year.
StepFun is backed by Tencent and other investors. The planned listing comes amid a surge of enthusiasm for Chinese AI companies following DeepSeek's impact on global AI competition narratives.
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