VAST Considers Hong Kong IPO Amid Chinese AI Expansion
Alibaba-backed 3D artificial-intelligence startup VAST is considering an initial public offering in Hong Kong, potentially adding another technology company to the city’s growing pipeline of AI-related listings.
According to Bloomberg News, the Beijing-based company has held preliminary discussions about a possible share sale. The deliberations remain at an early stage, meaning the timing and structure could change, and VAST may ultimately decide not to proceed.
The development follows VAST’s emergence as one of China’s latest AI unicorns. The company raised nearly USD 200 million in a recent financing round, bringing its valuation above USD 1 billion.
A potential VAST Hong Kong IPO would give public-market investors exposure to a specialised part of generative AI: technology that produces three-dimensional digital assets from written instructions or images.
What VAST Does
Founded in 2023 by Simon Song, VAST develops AI-powered tools for generating and editing 3D models. Its main platform, Tripo Studio, is designed for developers, designers and other creative professionals.
The technology can potentially reduce the time and technical expertise required to create digital objects for:
- Video games and interactive entertainment.
- Animation and visual effects.
- Advertising and product design.
- Virtual and augmented-reality applications.
- Digital twins and industrial simulations.
- Online retail and three-dimensional product displays.
VAST generates revenue through subscriptions and usage-based charges. Its subscription plans reportedly begin at approximately USD 20 per month, with additional fees linked to token consumption.
Bloomberg previously reported that the platform had approximately 20 million users, with the United States representing its largest market, followed by Europe, Japan and South Korea. Its customers and users reportedly include companies such as Sony and NetEase.
Alibaba and Other Investors Back VAST
VAST’s investors include Alibaba Group and Baidu Ventures, giving the company connections to two of China’s largest technology ecosystems.
Its recent financing was led by Ince Capital and a fund backed by China Life Insurance. Other participating investors reportedly included Genesis Capital, Eminence Ventures and Primavera Venture Partners.
Alibaba’s involvement aligns with the group’s broader expansion across generative AI, cloud computing and digital-content technology. The company previously announced plans to invest at least RMB 380 billion in cloud and AI infrastructure over three years.
Hong Kong Attracts More Chinese AI Listings
The possible listing comes as Hong Kong works to strengthen its position as a fundraising centre for Chinese technology and AI companies.
According to Reuters, Hong Kong’s IPO market experienced a substantial recovery in 2025, when 114 new listings raised approximately USD 36.5 billion—the highest annual amount since 2021.
Chinese AI model developer MiniMax, another company backed by Alibaba, raised approximately HKD 4.82 billion, or USD 619 million, through its Hong Kong IPO in January 2026. Demand allowed the company to price its shares at the top of the marketed range.
More recently, AI-infrastructure supplier Zhongji Innolight raised HKD 53.4 billion in Hong Kong’s largest IPO of 2026. Its shares nevertheless declined during their trading debut as a broader technology sell-off raised concerns about elevated AI valuations.
Strong demand for AI listings can support Hong Kong’s IPO market, but recent trading debuts show that investors continue to scrutinise valuation and profitability.
Why the Potential Listing Matters to Traders
A VAST Hong Kong IPO could provide another indication of investor appetite for specialised Chinese AI companies. Unlike companies primarily focused on general-purpose language models, VAST operates in 3D content generation, a field connected to gaming, entertainment, design and industrial applications.
- Hong Kong equities: A successful offering could strengthen the city’s technology-listing pipeline.
- Chinese AI valuations: The proposed valuation may provide another benchmark for privately held AI companies.
- Alibaba: The listing could draw attention to the value of Alibaba’s wider investment portfolio, although its ownership position has not been disclosed.
- Technology sentiment: Strong demand may support confidence in Chinese AI shares, while weak pricing could signal valuation concerns.
- IPO activity: The offering could encourage other venture-backed technology companies to consider Hong Kong listings.
The announcement itself does not establish VAST’s value as a public company. Investors would need more information about its revenue, losses, cash consumption, customer retention and path to profitability.
Competition in 3D Artificial Intelligence Intensifies
VAST operates in an increasingly competitive market. Tencent has released open-source Hunyuan3D models capable of creating 3D visuals from text and images, while ByteDance and international technology companies are developing competing tools.
According to Reuters, Tencent has promoted its technology to designers and game developers and introduced faster versions capable of generating three-dimensional content within seconds.
VAST’s longer-term position may depend on:
- The quality and accuracy of its generated models.
- Its ability to convert free users into paying customers.
- Adoption among professional studios and enterprises.
- Computing and model-training expenses.
- Intellectual-property and content-licensing requirements.
- Competition from larger technology platforms.
Key IPO Details Remain Unconfirmed
The reported IPO discussions are preliminary. VAST has not publicly confirmed a listing timetable, fundraising target, price range or proposed valuation.
Before drawing firm conclusions, traders should monitor:
- An official application submitted to the Hong Kong Stock Exchange.
- Publication of a preliminary prospectus.
- Confirmed financial and operating figures.
- The appointment of banks or listing sponsors.
- Details of Alibaba’s ownership and any proposed share sale.
- Regulatory approval and a confirmed offering timetable.
- Institutional and retail subscription demand.
Market Outlook
VAST’s consideration of a Hong Kong listing reflects continued demand among Chinese AI startups for public-market funding. It also supports Hong Kong’s effort to attract companies operating in strategically important technology industries.
The potential offering could improve sentiment toward Hong Kong’s technology sector if VAST demonstrates strong commercial growth, credible financial performance and sustainable demand for its 3D-generation platform.
Nevertheless, recent IPO performance shows that investors are becoming more selective. Concerns surrounding high valuations, intense competition and the cost of developing AI technology could affect pricing and post-listing performance.
For traders, the development is most relevant as an indicator of sentiment toward Chinese AI investment, Hong Kong IPO activity and Alibaba’s broader technology ecosystem. Official listing documents will be required before the potential transaction can be assessed in greater depth.
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