The big model "King of Roll" Star Leap Plan Hong Kong IPO? Yin Qi just appointed as Chairman

On the evening of February 25th, there were reports that Shanghai’s leading large model startup Jié Yuè Xīng Chén is considering an IPO on the Hong Kong Stock Exchange, planning to raise approximately $500 million (about 3.4 billion RMB). According to reports citing insiders, Jié Yuè Xīng Chén has already been in talks with potential advisors regarding equity sales, and could go public as early as this year. Details such as the issuance scale and timing may change. A reporter from N Video of Southern Metropolis News has sought confirmation from Jié Yuè Xīng Chén, but has not received a response as of press time.

Jié Yuè Xīng Chén was founded in April 2023. Known as the “Multi-modal King” in the industry for its rapid development of the Step series foundational models and strong multi-modal capabilities, the company’s core team is considered an “all-star” lineup. The CEO, Jiang Daxin, is a former Microsoft Global Vice President and an expert in natural language processing, with extensive research and engineering experience in machine learning, data mining, NLP, and bioinformatics. The chief scientist, Zhang Xiangyu, a post-90s top AI algorithm scientist and one of the authors of ResNet (Residual Learning, awarded Best Paper at CVPR 2016), is also part of the team. System lead Zhu Yibo previously joined Microsoft Research, then led AI Infra at ByteDance, building one of the largest AI infrastructures in China from scratch. After leaving ByteDance, he served as the technical head of Google Cloud GPU products, directly supporting Anthropic.

Jié Yuè Xīng Chén has released three generations of foundational large models, with Step 3 achieving industry-leading inference efficiency. The company is also actively developing multi-modal (voice, images, etc.) and edge-cloud integration strategies. In December 2025, Jié Yuè launched the industry’s first deployable GUI open-source model, supporting multi-end deployment on mobile phones, cars, and computers through an edge-cloud combined solution. In January 2026, Jié Yuè’s speech model, Step Audio R1.1, topped the Artificial Analysis authoritative rankings.

On January 26th, a reporter from N Video of Southern Metropolis News learned that Jié Yuè Xīng Chén, one of the “Six Little Giants” of large models, completed a B+ round of financing exceeding 5 billion RMB, setting a record for the largest single funding in China’s large model sector in the past 12 months. Participating investors include Shanghai Guotou Leading Fund, China Life Equity, Pudong Venture Capital, Xuhui Capital, Wuxi Liangxi Fund, Xiamen Guomao, Huachin Technology, and other industry investors, with existing shareholders Tencent, Qiming Venture Partners, and Wuyuan further participating. The funds will be used for foundational model R&D, building top-tier global base models, and accelerating the implementation of AI + terminal strategies.

The same day, Jié Yuè Xīng Chén announced that Yin Qi, Chairman of Qiān Lǐ Technology, has officially taken on the role of Chairman of the company, responsible for overall strategic planning and technological direction. Jié Yuè Xīng Chén and Qiān Lǐ Technology will deepen cooperation to jointly promote the “AI + terminal” strategy. Yin Qi has extensive practical experience in integrating AI with automotive scenarios. As one of China’s earliest AI entrepreneurs, Yin Qi led Kuangshi Technology in exploring AI applications across various physical scenarios. In 2024, he became Chairman of Qiān Lǐ Technology (601777.SH), systematically advancing the “AI + Car” industry integration.

This is closely related to Jié Yuè Xīng Chén’s core business. As early as the beginning of 2025, CEO Jiang Daxin clearly stated that intelligent terminal agents are the company’s core focus. Jié Yuè Xīng Chén has also prioritized automotive, mobile phones, embodied intelligence, and IoT scenarios, and has established deep collaborations with leading companies in finance, content creation, and consumer retail sectors.

Prior to Jié Yuè Xīng Chén, on January 8th, Beijing Zhì Pǔ Huá Zhāng Technology Co., Ltd. (02513.HK), known as “Zhì Pǔ,” officially listed on the Hong Kong Stock Exchange, becoming the “world’s first large model stock.” Following closely, on January 9th, the global AI large model company MiniMax (stock code: 0100.HK), known for its youthful and international team, also listed on the main board of HKEX. If Jié Yuè Xīng Chén successfully goes public, it will be the third domestic large model company to be listed.

Report by: N Video of Southern Metropolis News, Lin Wenqi