NextFin -- Shanghai-based AI unicorn company StepFun is in the Pre-IPO financing round, with a pre-investment valution of about 4 billion U.S. dollars.

This round of financing will be conducted in two tranches. The first tranche has a pre-investment valuation of approximately 4 billion dollars, with plans to raise 2 billion to 3 billion yuan. It has already been confirmed that a telecom operator will lead the investment with an amount of around 1.2 billion yuan, with participation from existing shareholders. The completion of this tranche is expected by March 6.

The second tranche has a pre-investment valuation of 5 billion to 6 billion U.S. dollars, with plans for the transaction to be completed in mid to late April. Additionally, it is reported that StepFun plans to submit its application to the Hong Kong Stock Exchange by June 30 of this year, with an expected cornerstone valuation of around 10 billion dollars, and aims to complete the listing by the end of this year.