Chinese AI startup StepFun to unwind offshore structure to pave way for IPO
Chinese AI agent StepFun is unwinding its offshore incorporation structure to pave the way for a planned Hong Kong initial public offering, three sources said, as Beijing tightens scrutiny of a system widely used for overseas fundraising.
China’s securities regulator said last month it had instructed some so-called “red-chip” companies that are registered abroad, mainly in tax havens, but hold assets and businesses in China via equity ownership, to unwind the structure.
