# foundation model

Old Guard Returns: Yin Qi’s Dual Chairmanship and a RMB5bn Vote of Confidence Reshape China’s AGI Race

Yin Qi has been appointed chairman of StepFun while retaining the chairmanship of Qianli Technology, as StepFun closes a B+ round exceeding RMB5 billion. The move pairs deep foundation-model R&D with a hardware-centred commercialization strategy — notably automotive — and signals a new phase of consolidation and specialization in China’s AI landscape.