阶跃星辰冲击国内第3家在港交所IPO大模型企业，“AI老兵”印奇能否突围

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 3.9 billion HKD) following a recent 5 billion RMB B+ round financing [2][3]. Group 1: IPO Plans and Market Context - Jieyue Xingchen is in discussions with potential advisors regarding the equity sale for its IPO, which could occur as early as this year, although details on the issuance scale and timing remain uncertain [2]. - The company aims to become the third domestic large model enterprise to list on the Hong Kong Stock Exchange, following the successful IPOs of Zhiyuan and MiniMax, which saw their market values soar to over 320 billion HKD and 300 billion HKD, respectively [3]. - The recent surge in capital interest in the AI sector has been marked by significant IPOs, with companies like TianShu ZhiXin also achieving substantial market valuations shortly after listing [3]. Group 2: Recent Financing and Investment - Jieyue Xingchen completed a record-breaking B+ round financing of over 5 billion RMB on January 26, 2026, marking the highest single financing amount in the Chinese large model sector over the past year [4][6]. - Notable investors in this financing round include Shanghai Guotou, China Life Equity, and Tencent, with existing shareholders like Qiming Venture Partners also participating [4][6]. - The company has a history of successful fundraising, including a previous B round and an angel round, with continuous support from key investors [5][6]. Group 3: Leadership and Technological Advancements - The appointment of AI veteran Yin Qi as chairman is expected to enhance Jieyue Xingchen's strategic direction and commercialization efforts, leveraging his experience from previous ventures [7]. - The company has launched multiple significant AI models, including the Step-1 and Step-2 models, and is actively developing the next generation of models, focusing on language and multi-modal capabilities [7]. - Jieyue Xingchen has released over 30 models, emphasizing its commitment to advancing AI technology and integrating it with terminal systems [7].