Step Raises Nearly $2.5 Billion in Funding

Honestly, here’s the deal. On May 8th, sources close to the matter revealed that a domestic large model company, Jiexing Star, is set to complete a massive funding round of nearly $2.5 billion. According to insiders, the company’s red chip structure has also been dismantled, a move often seen as a crucial step towards a Hong Kong IPO. Notably, the latest funding round has seen the entry of industrial chain capital, including companies like Huaqin, Longqi, Haowei, and ZTE, covering multiple segments from whole machine manufacturing to upstream core components. Additionally, Hong Kong Investment Management Limited (HKIC), often referred to as the “Hong Kong version of Temasek”, has also appeared on the list of shareholders. Business records show that the company completed its share reform in April, transitioning from a limited liability company to a joint-stock company.