印奇刚挂帅，阶跃星辰被曝赴港IPO，最早今年

Core Viewpoint - Shanghai-based AI startup Jieyue Xingchen is considering an IPO on the Hong Kong Stock Exchange, aiming to raise approximately $500 million (around 3.4 billion RMB) [1] Company Overview - Jieyue Xingchen was founded in 2023 by former Microsoft global vice president Jiang Daxin and has released the Step series of general large models, covering language, multimodal, and reasoning capabilities [3][5] - The company has received significant funding, including over 5 billion RMB in a Series B round in January 2026, marking the highest single financing record in China's large model sector for 2025 [5][6] Recent Developments - The company recently launched its latest open-source MoE model, Step 3.5 Flash, which competes with top closed-source models in complex tasks and has received positive feedback from developers [3][5] - In January 2024, the company appointed Yin Qi, co-founder of Megvii Technology, as chairman to oversee strategic direction and technology [3] Market Context - Jieyue Xingchen could become the third large model enterprise to list on the Hong Kong Stock Exchange, following the IPOs of Zhiyu and MiniMax, which raised over 4.3 billion HKD (approximately 3.8 billion RMB) and 5.54 billion HKD (approximately 4.9 billion RMB) respectively [8]