Alibaba-Backed 3D Modeling Startup Vast Considers Hong Kong IPO

Aug 4, 2026

Alibaba-backed 3D modeling startup Vast is working with Bank of America and CICC to explore a potential Hong Kong IPO. Founded in 2023 by Simon Song, the Beijing-based startup behind the Tripo Studio platform recently achieved a $1 billion unicorn valuation after raising nearly $200 million. Vast's technology, which generates 3D assets from text and images, is already used commercially in NetEase's game Where Winds Meet. The potential listing highlights Hong Kong's growing appeal for Chinese AI firms.

Hong Kong IPO exploration

▪Vast is working with Bank of America and China International Capital Corp to prepare for the potential share sale.
▪Vast is exploring a potential initial public offering on the Hong Kong Stock Exchange.
▪Vast has not made a final decision regarding the potential Hong Kong listing, and discussions remain at an early stage.

Tripo Studio 3D platform

▪Vast developed Tripo Studio, an AI-powered platform that generates detailed 3D models from text descriptions or image prompts.
▪Vast was founded in 2023 by Simon Song, who was also a founding member of MiniMax.
▪Vast partnered with NetEase to allow players of the role-playing game Where Winds Meet to generate interactive 3D avatars from uploaded photos.

Unicorn valuation milestone

▪Vast raised 50 million US dollars in a March 2026 funding round backed by Alibaba and Baidu Ventures.
▪Vast recently raised nearly 200 million US dollars in a funding round, pushing its estimated valuation to approximately 1 billion US dollars.

Alibaba investor backing

▪Vast is backed by major technology and investment firms including Alibaba Group Holding Limited, Baidu Inc, and Ince Capital.
▪Alibaba's Hong Kong-listed shares closed at 125.2 HKD and its US-listed shares ended at 127.3 USD on August 3, 2026.

AI listing destination appeal

▪More than 85% of Chinese AI-related companies that went public in 2026, representing 23 of 27 firms, chose to list in Hong Kong.
▪Hong Kong has become an increasingly attractive destination for Chinese technology firms seeking capital from local and international investors.