AI Startup StepFun Submits Hong Kong IPO Application Today, Valued at $12 Billion

According to Wall Street Journal citing sources, Chinese AI model company StepFun (阶跃星辰) plans to submit its Hong Kong IPO application as early as today, June 8, with investors valuing the company at approximately $12 billion. The company is seeking to raise about $500 million in the offering and has engaged multiple financial advisors for the listing process.
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