StepFun is expected to file for a Hong Kong IPO as early as Monday, with a potential valuation of $12 billion.

According to Beating, citing sources familiar with the matter, the Wall Street Journal reported that Chinese AI startup StepFun is expected to submit its Hong Kong IPO application as early as Monday. Major investors have proposed a valuation of up to $12 billion for the IPO, though the final valuation may still change. Prior to StepFun, competitors Zhipu AI and MiniMax listed in Hong Kong in January. Both companies saw significant share price increases after listing, potentially generating substantial returns for early investors before the lock-up period expires next month. Recently, both Zhipu AI and MiniMax announced plans to list in mainland China. Another Chinese large-scale model startup, Dark Side of the Moon, is also preparing for a Hong Kong listing. This flurry of IPOs reflects the urgent need for Chinese AI companies to attract investors in a favorable market environment. Over the past year, Hong Kong has once again become one of the world's most active IPO markets, largely thanks to a large number of Chinese companies in the fields of artificial intelligence, semiconductors, and biotechnology choosing to list there. Founded in 2023, Jieyue Xingchen's founder and CEO, Jiang Daxin, was formerly a vice president at Microsoft. Earlier this year, Jieyue Xingchen appointed Yin Qi, co-founder of the facial recognition company Megvii Technology, as its chairman.