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AI Startup Vast, Backed by Alibaba and Baidu, Reportedly Weighs Hong Kong IPO
Chinese artificial intelligence startup Vast, which counts Alibaba and Baidu among its backers, is considering an initial public offering (IPO) in Hong Kong. The potential listing was reported by Bloomberg News on Tuesday, citing people familiar with the matter.
Listing Deliberations
According to the report, Vast is working with Bank of America Corp. and China International Capital Corp. on a prospective share sale. The deliberations are said to be at an early stage, and details such as the timing and size of the offering have not been finalized.
As with any preliminary discussions, there is no certainty that the company will proceed with an IPO. A final decision has not yet been made.
AdCompany Profile and Valuation
Vast has quickly emerged as a significant player in the generative AI space since its founding in 2023. The company specializes in creating 3D models from text and image prompts through its AI-powered platform, Tripo Studio, targeting developers and creative professionals.
The startup's high-profile investors include major Chinese technology firms like Alibaba (9988.HK) and Baidu (9888.HK), as well as Ince Capital. It also has a strategic partnership with gaming giant NetEase (9999.HK). Bloomberg noted that Vast recently raised nearly $200 million in a funding round that pushed its valuation to approximately $1 billion, cementing its status as one of China's newest AI unicorns.
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