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Deep Tide TechFlow News, June 8th, according to The Wall Street Journal, citing sources familiar with the matter, China's AI large model company StepFun is expected to submit an IPO application to the Hong Kong Stock Exchange as early as June 8th, with the main investors valuing the company at approximately $12 billion. The IPO plans to raise about $500 million, and the company has already begun discussions with multiple financial advisors regarding the listing. Previously, StepFun had started dismantling its offshore VIE structure to pave the way for a Hong Kong listing.