[StepFun May Submit Hong Kong IPO Application as Early as Today, Valuation Could Reach $12 Billion] According to Deep Tide TechFlow, on June 8, citing sources familiar with the matter, Chinese AI large model company StepFun may submit its IPO application to the Hong Kong Stock Exchange as early as June 8. Major investors have given the company an estimated valuation of approximately $12 billion. This IPO aims to raise about $500 million, and the company has already engaged in discussions with multiple financial advisors regarding the listing. Previously, StepFun began dismantling its offshore VIE structure to pave the way for its Hong Kong listing.