On November 11, 2025, Huanxi Media Group Limited announced that it has entered into a strategic framework agreement with Shanghai Stepfun Intelligent Technology Co., Ltd. to establish a joint venture aimed at leveraging artificial intelligence and large model technologies.

Huanxi Media is an investment holding and film investment company and its subsidiaries are principally engaged in media and entertainment-related businesses, including development and investment in films and TV program rights, as well as operation of an online video platform. Stepfun is an AI company established in China that is principally engaged in developing artificial intelligence-native applications through large-model technology.

Wilson Sonsini Goodrich & Rosati advised Huanxi Media on the transaction. The Wilson Sonsini team includes Weiheng Chen, Yang Chu, Xuchao Klaus Dong, and Billy Yiu.

For more information, please see Huanxi Media’s announcement.