StepStar may submit its Hong Kong IPO application as early as today, with a valuation potentially reaching $12 billion

TechFlow news: On June 8, according to sources cited by The Wall Street Journal, Chinese AI large-model company StepFun is expected to file its IPO application with the Hong Kong Stock Exchange as early as June 8. Major investors have valued the company at approximately $12 billion. The IPO aims to raise around $500 million, and the company has already begun discussions with multiple financial advisors regarding the listing. Previously, StepFun had initiated the dismantling of its offshore VIE structure to pave the way for its Hong Kong listing.