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 poised to become the third AI unicorn to go public, following the successful IPOs of Zhiyu and MiniMax, which have reignited investor enthusiasm in the primary market [2][5][22] Financing and IPO Plans - Jieyue Xingchen is currently undergoing a new round of Pre-IPO financing, divided into two tranches: the first tranche has a pre-investment valuation of approximately $4 billion, aiming to raise between 2 billion to 3 billion RMB, with a lead investment of about 1.2 billion RMB confirmed [2][15] - The second tranche has a pre-investment valuation of $5 billion to $6 billion, with a planned closing in mid-April [15] - The company aims to submit its IPO application to the Hong Kong Stock Exchange by June 30, with an expected cornerstone pricing around $10 billion, targeting to complete the listing by the end of this year [15][18] Company Background and Business Model - Founded in 2023 by former Microsoft global vice president Jiang Daxin, Jieyue Xingchen has released the Step series of general large models, covering capabilities from language to multi-modal reasoning [3][16] - 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][16] - Jieyue Xingchen has formed the "MoXin Ecological Innovation Alliance" with nearly ten chip manufacturers, including Huawei Ascend, to promote the synergy between domestic chips and models [3][16] Market Performance and Investor Sentiment - The recent stock price surges of Zhiyu and MiniMax have created a "fear of missing out" among investors, leading to increased interest in Jieyue Xingchen and similar companies [5][22] - The secondary market performance has directly influenced the primary market, with many investors eager to participate in the latest financing round for Jieyue Xingchen [6][19] Revenue Projections - Jieyue Xingchen is projected to generate nearly 500 million RMB in revenue by 2025, with an estimated revenue of around 1.2 billion RMB in 2026 [20] - In comparison, Zhiyu is expected to have a revenue of approximately 312 million RMB in 2024, while MiniMax is projected to achieve around $30.5 million in revenue for the same year [20]