On May 8, Jiemian News reported, citing sources, that Chinese AI startup Jieyue Xingchen (Stepfun) is finalizing a nearly $2.5 billion funding round. The company has also dismantled its red-chip structure (an offshore listing vehicle commonly used by Chinese firms), a key step often seen as a prerequisite for a Hong Kong IPO.
The latest funding round sees heavy participation from supply chain investors, including Huaqin, Longcheer, Haowei (OmniVision), and ZTE, covering everything from device manufacturing to upstream core components. Additionally, the Hong Kong Investment Corporation (HKIC) — often dubbed Hong Kong's version of Temasek — appears on the shareholder list.
Business registration records show that the company completed its shareholding reform (conversion to a joint-stock company) in April, another critical step toward a public listing.