Vast, an Alibaba-backed 3D AI modeling startup, is weighing a Hong Kong initial public offering, according to Bloomberg reporting on August 4. Bank of America and China International Capital Corp. are advising on the process.
The move would mark a notable exit pathway for the startup in a market where venture-backed AI companies are increasingly seeking public capital. Vast has raised roughly $200 million across funding rounds and carries a valuation near $1 billion, according to earlier reports on the company's fundraising. A Hong Kong listing would give the company access to Asia-focused institutional capital and align it with a wave of tech listings in the jurisdiction.
Vast develops generative AI tools for 3D modeling and design, competing in a space where demand from architecture, manufacturing, and entertainment firms has grown as generative tools mature. The startup's backing by Alibaba, one of China's largest technology groups, carries implications for its strategic direction and market positioning in Asia, where the e-commerce giant maintains deep operational and financial networks.
Hong Kong has served as a primary listing venue for Chinese and Asian tech companies over the past five years. The market has processed public debuts from fintech platforms, semiconductor companies, and software firms seeking growth-stage capital while maintaining ties to China-based operations or investor bases. A listing by Vast would depend on completed due diligence and regulatory approval from the Hong Kong Securities and Futures Commission.
No timeline for a potential IPO has been disclosed. Vast did not immediately respond to requests for comment. Bank of America and CICC have been retained by the company to run the IPO process.
