StepFun will submit its IPO application for Hong Kong stocks as early as Monday, with a valuation of up to $12 billion According to Beating monitoring, the Wall Street Journal quoted informed sources as saying that Chinese artificial intelligence startup StepFun will submit its IPO application for the Hong Kong stock market as early as Monday. The main investors have proposed setting the IPO valuation of Step Up Star at a maximum of $12 billion, but the final valuation may still change. Prior to Leap Star, competitors Zhipu AI and MiniMax were listed in Hong Kong in January of this year. The stock prices of both companies have risen significantly after going public, and are expected to bring considerable returns to early investors before the lock up period expires next month. Recently, both Zhipu AI and MiniMax have stated that they are preparing to go public in the mainland market. Another Chinese big model startup, Moon Dark Side, is also preparing to go public in Hong Kong. The intensive listing reflects the urgent need for Chinese artificial intelligence companies to attract investors in a favorable market environment. In the past year, Hong Kong has once again become one of the most active initial public offering markets in the world, mainly due to a large number of Chinese companies from the fields of artificial intelligence, semiconductors, and biotechnology choosing to list in Hong Kong. Jieyue Xingchen was founded in 2023, and its founder and CEO, Jiang Daxin, previously served as Vice President of Microsoft. At the beginning of this year, Jieyue Xingchen hired Yin Qi, co-founder of facial recognition company Megvii Technology, as chairman. [Original link]