独家｜阶跃星辰计划年内港股上市，2025年收入约5亿元

Core Insights - The company Jieyue Xingchen is in the process of a new Pre-IPO financing round, aiming to become the third AI model unicorn to go public, following the successful IPOs of Zhiyu and MiniMax, which have reignited investor interest in the sector [2][5] Financing and Valuation - The first tranche of the financing has a pre-money valuation of approximately $4 billion, with plans to raise between 2 billion to 3 billion RMB, led by an operator contributing around 1.2 billion RMB, expected to close by March 6 [2] - The second tranche has a pre-money valuation of $5 billion to $6 billion, with a planned closing in mid-April [2] - Jieyue Xingchen plans to submit its listing application to the Hong Kong Stock Exchange by June 30, with an expected cornerstone pricing around $10 billion [2] Company Background - Founded in 2023 by former Microsoft VP Jiang Daxin, Jieyue Xingchen has released the Step series of general AI models, covering language, multimodal, and reasoning capabilities [3] - The company focuses on three main business areas: AI services (finance, content, education), AI devices (mobile phones, automobiles, IoT), and AI infrastructure (chips, cloud vendors) [3] Recent Developments - In January 2023, Jieyue Xingchen appointed Yin Qi, co-founder of Megvii Technology, as chairman to oversee strategic direction and technology [4] - The company has completed two rounds of financing, including over 5 billion RMB in a B+ round in January 2023 and several million dollars in a B round in December 2024, with participation from various state-owned and private investors [4] Market Context - The recent IPOs of Zhiyu and MiniMax have significantly increased their market valuations, with Zhiyu's market cap exceeding 323.2 billion HKD and MiniMax's surpassing 304.2 billion HKD shortly after their listings [5] - The strong performance of these companies in the secondary market has led to heightened interest and competition among investors for Jieyue Xingchen's latest financing round [5] Revenue Projections - Jieyue Xingchen is projected to generate nearly 500 million RMB in revenue by 2025 and approximately 1.2 billion RMB by 2026 [6] - In comparison, Zhiyu is expected to have revenues of about 312 million RMB in 2024, while MiniMax is projected to achieve revenues of 30.5 million USD in 2024 [6]