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Domestic Large Model | Tencent reportedly co-invests in the new round of financing for Jiuyue Xingchen
Mainland media reports that Tencent (00700) has participated in the latest funding round of one of the “AI Six Little Tigers,” the domestic large-scale model company StepFun.
Last week, there were reports that StepFun would complete nearly US$2.5 billion (about HK$19.5 billion) in financing and has dismantled its red-chip structure, accelerating its push to list in Hong Kong. It may become another domestic large-scale model company to list in Hong Kong besides Zhipu (02513) and Xiyu Technology (MiniMax) (00100). It is understood that as early as the Series B funding round, Tencent had already appeared on its shareholder roster and continued to follow on with investments.
Tencent and StepFun recently further deepened their cooperation, expanding from financial investment to in-depth business collaboration. In April, Tencent Cloud and StepFun signed a strategic partnership. Both sides plan to deeply integrate StepFun’s foundational large model with Tencent’s content and application ecosystem, jointly developing AI cockpit Agents and linking Tencent’s music, video, maps, payments, transportation services, and other segments to achieve a closed-loop in-car service.