Chinese AI Unicorns Moonshot and StepFun Prepare for IPOs Amid Funding Rebound

Chinese artificial intelligence startups Moonshot AI and StepFun are preparing for public listings in Hong Kong. Moonshot AI recently reached a 10 billion dollar valuation following a January funding round. The company has backing from major investors including Alibaba and HongShan. StepFun is currently unwinding its offshore corporate structure to comply with regulatory preferences for domestic or Hong Kong listings. This restructuring move is a necessary step for the Shanghai based firm to move forward with its IPO plans.

These individual moves occur during a broader recovery in Asian venture capital markets. Total startup funding in Asia reached 27.4 billion dollars in the first quarter of 2026. China accounted for 16.5 billion dollars of this total. AI related ventures remain the primary driver of this growth. Investors allocated 11.2 billion dollars to AI startups during the quarter. This represents the highest level of AI funding recorded for the region to date.