Vast, a Chinese startup that builds AI tools for three-dimensional content, is exploring the possibility of listing its shares in Hong Kong, according to people familiar with the matter. The company is engaged in preliminary work on a potential initial public offering and has enlisted financial advisers for the process, but officials have not concluded whether to proceed.
Sources indicate Vast is working with Bank of America (NYSE:BAC) and China International Capital Corp Ltd (HK:3908) on the potential share sale. Those discussions are ongoing - no definitive decision has been announced by the company or its advisers.
Founded in 2023 by Simon Song, who was a founding member of language model developer MiniMax (HK:0100), Vast is the developer of Tripo Studio. The platform uses artificial intelligence to let developers and creative professionals generate 3D models from text and image prompts, positioning the company at the intersection of AI model development and creative tooling.
Vast s investor roster includes major Chinese technology groups Alibaba (HK:9988) and Baidu (HK:9888), as well as private investor Ince Capital. The startup also has a partnership with gaming company NetEase (HK:9999), reflecting ties to established players in China s tech and entertainment sectors.
In recent financing activity, Vast raised nearly $200 million and, following that round, achieved a valuation of roughly $1 billion. That level of capital and valuation places the company among private Chinese AI firms that have reached so-called unicorn status.
Context and implications
Any move toward a Hong Kong listing would involve capital-markets activity in the region and could attract attention from investors focused on AI, gaming-related technologies, and creative software tools. For now, however, the process remains in a deliberative phase with advisers engaged but no finalized plans.
What remains unclear
The conversation around a potential IPO is described as ongoing; there is no confirmation that an offering will be launched, and key terms or timing have not been disclosed. Observers and market participants therefore lack detail beyond the involvement of advisers and the recently reported private funding and valuation.