# Chinese AI agent StepFun is unwinding its offshore incorporation structure to pave the way for a planned Hong Kong initial public offering.

*genai · news · 2026-04-13 · The Economic Times*

## Key points

- StepFun is unwinding its Cayman Islands offshore structure to pursue a Hong Kong IPO.
- China's regulator has instructed some red-chip companies to dismantle offshore structures for listings.
- StepFun plans to file for a Hong Kong IPO by June at a $10 billion valuation.
- StepFun's AI models are integrated into OPPO and Geely operating systems through partnerships.
- Moonshot, another major AI startup, is considering dismantling its offshore structure amid regulatory pressure.

**Companies:** Tencent Holdings, Qiming Venture Partners, StepFun, Moonshot, Megvii Technology
**Countries:** China

[Read the full story on The Economic Times](https://economictimes.indiatimes.com/tech/artificial-intelligence/chinese-ai-startup-stepfun-to-unwind-offshore-structure-to-pave-way-for-ipo/articleshow/130230521.cms)

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