Chinese AI agent StepFun is unwinding its offshore incorporation structure to pave the way for a planned Hong Kong initial public offering, three sources said, as Beijing tightens scrutiny of a system widely used for overseas fundraising.
China’s securities regulator said last month it had instructed some so-called “red-chip” companies that are registered abroad, mainly in tax havens, but hold assets and businesses in China via equity ownership, to unwind the structure.
Experts have said the move could delay some listings as red-chip companies scramble…
