Domestic large models sprint into Hong Kong stocks; Jieyue Starry Sky plans to raise 17 billion yuan to bring industrial-chain capital into the sector

Ask AI · Why does the Leap Starry financing attract industry-chain capital giants?

On May 8, Southern Metropolis N Video reporter learned from sources that Leap Starry will complete nearly $2.5 billion (about RMB 17 billion) in financing and accelerate its listing process. It may become another domestic large-model company listed in Hong Kong after Zhipu and MiniMax.

It is understood that in the latest round of financing, capital from the industry chain has moved in concentratedly, including companies such as Huacheng, Longqi, HaoWei, and Zhongxing. Their participation spans multiple links, from complete device manufacturing to upstream core components. The entry of these capitals also aligns with Leap Starry’s long-standing trend of migrating model capabilities to end-user hardware.

Recently, there have been frequent reports of financing news involving large-model enterprises. On May 6, it was reported that the National Integrated Circuit Industry Investment Fund is in talks to lead the first round of DeepSeek’s financing, and Moonshot has also been rumored to complete $2 billion in financing.

Dismantling the Red-Chip Structure, Accelerating the Hong Kong Listing Process

Leap Starry was founded in April 2023. Owing to the fast R&D pace of its Step-series base models and its strong multimodal performance, it is known in the industry as the “multimodal king of going all-in.” Its core team is widely regarded as an “all-star” lineup. Among them, CEO Jiang Daxin is a former Microsoft global vice president. He is an expert in natural language processing, with extensive research and engineering experience in fields including machine learning, data mining, natural language processing, and bioinformatics.

According to business registration information, Leap Starry completed a share restructuring in April, changing from a limited liability company to a joint-stock company. Recent updates from Leap Starry include forming a strategic partnership with Qianli Technology before the Beijing Auto Show, continuing to provide Qianli Technology with a “brain” equipped with multimodal perception capabilities, and, on April 29, releasing a lightweight new-generation image generation and editing model, Step Image Edit 2.

A future cockpit built on Leap Starry’s large model.

As can be seen, in addition to collaborating with automakers, Leap Starry is also laying out lightweight model architectures. All of this points to Leap Starry’s plans for end-terminal deployment—especially in the automotive sector—and its push toward future commercialization.

A source familiar with the matter told Southern Metropolis reporters that Leap Starry’s red-chip structure has also been dismantled, which is generally seen as a key prerequisite step for an IPO in Hong Kong. It is also reported that Hong Kong Investment Management Limited (HKIC), nicknamed the “Hong Kong version of Temasek,” has appeared on the shareholder list. As an investment platform established by the Hong Kong Special Administrative Region government, HKIC currently has investments in only one large-model company—Leap Starry. With the financing closing, the structural adjustments completed, and industry capital entering, Leap Starry’s listing process is accelerating.

Industry-Chain Capital Moves In, Making the Terminal a Key Area for Model Deployment

People close to the transaction told Southern Metropolis that a notable feature of this round of financing is the concentrated entry of industry-chain capital. In addition to financial investors, multiple mobile phone and consumer electronics industry-chain companies—including Huacheng, Longqi, HaoWei, and Zhongxing—participated, covering multiple links from complete device manufacturing to upstream core components.

Among them, Huacheng and Longqi are global top-tier mobile phone ODM companies that provide end-to-end R&D design and manufacturing services; HaoWei is an image sensor supplier located upstream in key components such as smartphone cameras; and Zhongxing Mobile previously deeply co-created AI phone functions with Leap. It has also moved several flagship models, including Nubia Z80 Ultra, into mass production and delivery.

The move by industry capital behind the scenes reflects a certain trend: model capabilities migrating to terminals. Over the past year, hardware manufacturers of phones, PCs, wearables, and other devices have continued to search for productization paths for AI, while model companies compete for the points of entry. According to market reports, OpenAI is accelerating R&D for its first AI Agent phone, with mass production expected as early as the first half of 2027. In this context, capital “binding” means technology, scenarios, and the supply chain will become more deeply coupled.

As early as the beginning of 2025, Leap Starry CEO Jiang Daxin had already clearly stated that intelligent terminal Agents are the company’s core direction. Leap Starry has also focused on scenarios including automotive, mobile phones, embodied intelligence, and IoT, and it has reached in-depth cooperation with leading industry companies in sectors such as financial and business news, content creation, and consumer retail.

Entering 2026, financing for domestic model companies increasingly emphasizes industry collaboration and ecosystem cooperation. On May 6, it was reported that the National Integrated Circuit Industry Investment Fund is in talks to lead DeepSeek’s first-round financing, which could bring DeepSeek’s valuation to around $45 billion. The National Integrated Circuit Industry Investment Fund is a fund focused on the integrated circuit industry. If DeepSeek officially partners with this fund, it is expected to form an ecosystem from chips to models.

Reporting/Writing: Lin Wenqi, Southern Metropolis N Video Reporter