StepFun, the fastest-growing unicorn, submitted its Hong Kong IPO application on Monday, with a valuation expected to reach $12 billion.

According to DataTrack Beating Monitor, as reported by The Wall Street Journal citing sources familiar with the matter, Chinese artificial intelligence startup StepFun is set to file for a Hong Kong IPO as early as Monday. The main investors have proposed a maximum IPO valuation of $12 billion for StepFun, although the final valuation could still change.

Prior to StepFun, competitors ZhiPulse AI and MiniMax were listed in Hong Kong in January this year. The stock prices of both companies saw significant gains after their IPOs, potentially providing early investors with substantial returns before the lock-up period expires next month. Recently, both ZhiPulse AI and MiniMax have indicated they are preparing to list on the mainland market.

Another large-scale Chinese AI startup, DarkSide of the Moon, is also preparing for a Hong Kong IPO. The flurry of listings reflects the urgent demand of Chinese AI companies to attract investors in a favorable market environment. Over the past year, Hong Kong has once again become one of the world's most active IPO markets, largely driven by a large number of Chinese companies from the artificial intelligence, semiconductor, and biotechnology sectors choosing to list in Hong Kong.

Founded in 2023, StepFun's founder and CEO, Jiang Daxin, previously served as Vice President at Microsoft. Earlier this year, StepFun appointed Yin Qi, co-founder of the facial recognition firm Megavision, as Chairman.