Stepwise Star, a domestic AI unicorn, is nearing completion of a $2.5 billion funding round and has cleared its corporate structure for a Hong Kong IPO. The round features concentrated industrial capital from key supply chain players like Huawei and ZTE. The move aligns with the trend of integrating large AI models into mobile devices, a sector where OpenAI is also rumored to be developing an AI Agent phone. The Hong Kong Investment Company's participation bolsters Stepwise Star's standing for its listing and its strategic role in the Greater Bay Area's AI cluster.