Valuation May Exceed 20 Billion! Chinese AI Unicorn Jieyu Star Reports to Go Public in Hong Kong: Former Microsoft Executive Leads, Tencent Leads B+ Round

The "Shanghai team" in the large model field is accelerating towards the capital market. On February 26, 2026, according to Zhitong Finance, AI startup StepFun is planning to conduct an initial public offering (IPO) in Hong Kong, expecting to raise approximately 500 million US dollars (about 3.9 billion Hong Kong dollars).

If the process goes smoothly, StepFun could list on the Hong Kong Stock Exchange this year, becoming one of the first top AI large model startups to go public domestically.

Core Strengths: Microsoft Veteran and "Trillion-Parameter" Ambition

The rise of StepFun is closely related to its strong core team:

Founding Team: Founded by former Microsoft global vice president and computer scientist Jiang Daxin in 2023. As a senior expert in the AI field, his technical influence has secured a high industry starting point for the company.

Technical Approach: The company mainly focuses on developing basic large models and firmly promotes the "AI + Terminal" strategy, aiming to deeply integrate large model capabilities into hardware ecosystems.

Funding Landscape: Major Investors Compete to Invest

Just this January, StepFun completed a significant funding round, providing sufficient confidence for its IPO:

Significant Scale: The B+ round raised more than 500 million RMB, led by industrial investors such as Shanghai Guotou Pioneer Fund, China Life Equity, and Pudong Venture Capital.

Support from Existing Shareholders: Tencent, Qiming Venture Partners, and Five Seasons Capital all participated in the round, showing the capital market's recognition of its long-term technological competitiveness.

Business Changes: According to Qichacha, the company recently added China Beizhang Communications as a shareholder, and its registered capital increased to 23.9436 million RMB.

Industry Background: Prelude to the "IPO Surge" of AI Unicorns

As model iterations enter deeper waters, the high investment in computing power and R&D makes IPOs an inevitable choice for leading players. THS Finance analyzes that if StepFun successfully lists in Hong Kong, it will not only provide continuous resources for the company but also inject a strong stimulus into the Chinese AI industry during its valuation reshaping period.

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