Vast, a Chinese 3D modelling startup supported by Alibaba, Baidu, and Ince Capital, is exploring an initial public offering in Hong Kong. The company is working with Bank of America and China International Capital Corp (CICC) on a potential share sale as discussions continue without a final decision, according to anonymous sources [1, 2, 3, 4].
Founded in 2023 by Simon Song, a founding member of MiniMax Group, Vast develops Tripo Studio, a product that generates 3D models from text and image prompts for developers and creative professionals [1, 2, 4].
Vast has also partnered with Chinese game company NetEase to provide interactive 3D avatars for the role-playing game Where Winds Meet (《燕云十六声》), enabling players to upload photos that turn into 3D models [1, 2, 4].
The startup recently raised nearly US$200 million, reaching a valuation of US$1 billion. The funding boost positions Vast as a promising player in China's tech sector [1, 2, 4].
Representatives for Vast, Bank of America, and CICC declined to comment on the IPO plans. One anonymous source said, "Deliberations are ongoing and no final decision has been made" [1, 4].
Vast’s potential Hong Kong listing follows a trend of Chinese tech startups seeking capital markets access outside mainland China. The timing and scale of the IPO remain uncertain, with talks continuing among the company and its financial advisors [1, 2, 3, 4].
