Step Up Star completes $2.5 billion financing and dismantles red chip structure

According to the Science and Technology Innovation Board Daily, the domestic large model company Step Up Star will complete a $2.5 billion (approximately RMB 2.5 billion) financing and has dismantled its red chip structure. The latest financing has attracted industrial chain capital from companies such as Huaqin, Longqi, Haowei, and ZTE, covering the entire machine manufacturing and upstream core component links. According to business information, the company completed its share reform in April, changing from a limited liability company to a joint-stock limited company. According to informed sources, the dismantling of the red chip structure is often seen as a key step in Hong Kong IPOs, and Hong Kong Investment Management Company Limited (HKIC) also appears on the shareholder list.