IPO Zaozhidao

With restructuring complete and industrial investors joining its cap table, StepFun is moving closer to a public market debut.

Tencent and JD.com are among its primary backers.

The robotics company is the latest of Hangzhou’s “six little dragons” to show substantive IPO progress.

Investors are tracking photonics-based systems as demand grows for faster, denser, and more efficient AI infrastructure.

Investors from the UAE, Australia, and across Asia backed the latest tranche.

CATL is among the investors backing the chassis-by-wire company.

Its aerospace footprint is helping support its case for a Hong Kong listing.

The listing caps a six-year run with Qiming as one of Alamar’s core venture backers.

It could become the first publicly listed company focused on AI-driven nanodelivery.