StepStar has completed its shareholding reform and plans to list on the Hong Kong stock exchange within the year, competing with Moon's Dark Side (Kimi) for the title of "the first lobster stock".

On April 2, StepFun, a developer and application provider of general-purpose AI large models, underwent a business registration change, with its corporate name officially changed to Shanghai StepFun Intelligent Technology Co., Ltd.

Previously, on February 26, according to a Bloomberg report, StepFun is considering an IPO on the Hong Kong Stock Exchange, planning to raise approximately $500 million (about RMB 3.4 billion).

According to Caijing, StepFun is conducting a new round of Pre-IPO financing, to be settled in two tranches. The first tranche has a pre-money valuation of about $4 billion, with plans to raise RMB 2-3 billion. It has been confirmed that a telecom operator will lead the investment with around RMB 1.2 billion, with other existing shareholders following. This tranche is scheduled for completion before March 6. The second tranche has a pre-money valuation of $5-6 billion and is planned for settlement in mid-to-late April.

Furthermore, it is understood that StepFun plans to submit its listing application on the Hong Kong stock market before June 30 this year, with an expected cornerstone pricing around $10 billion, and is anticipated to complete the listing by the end of this year.

Notably, on March 26, Bloomberg reported that Moonshot AI, the parent company of Kimi, is preliminarily considering an Initial Public Offering (IPO) in Hong Kong.

With the popularity of crayfish, the hype and valuations of large model companies like StepFun and Moonshot AI have soared. StepFun and Kimi have benefited from this, driving the race for an IPO to become the "first crayfish stock."

In January this year, StepFun announced that Yin Qi, co-founder of Megvii and chairman of Qianli Technology, officially assumed the role of chairman, responsible for setting the overall strategic pace and technical direction. He will form the core management team with CEO Jiang Daxin, Chief Scientist Zhang Xiangyu, and CTO Zhu Yibo.

According to Xiniu Data, StepFun has secured 3 rounds of financing, with investors including well-known institutions like 5Y Capital and Qiming Venture Partners, industrial groups like Tencent Investment and Huaqin Technology, and involving listed company LPs such as Shanghai Lingang and Hongli Zhihui.

For more data, please see the chart below, interpreted for you by the Xiniu Foresight AI Assistant.