Facewall Intelligence has started IPO tutoring for a planned A-share listing, with CITIC Securities acting as the tutoring institution, marking an early but formal step toward a mainland share sale. Filing materials show the company has no controlling shareholder and that Beijing Qingyu Qihang is its largest shareholder with a 16.45% stake. The company remains in the listing guidance stage and has not yet formally submitted an IPO application. The startup focuses on on-device large models that run locally on smartphones, cars, PCs and robots rather than relying primarily on the cloud. Its core MiniCPM model series has been downloaded more than 38 million times in open-source form and has already been deployed in mass-produced vehicles from Changan, SAIC and Geely, indicating commercial traction in automotive applications. Financing has accelerated this year. Facewall Intelligence completed two funding rounds in the first quarter totaling more than 1 billion yuan, and after a new round in July, its cumulative fundraising in the first half of the year exceeded 5 billion yuan. Its valuation has surpassed 20 billion yuan, making it the highest publicly valued unicorn in the on-device intelligence segment, according to the source. In June, the Shanghai Stock Exchange revised the STAR Market's fifth listing standard so that eligible AI large-model companies could also use it, though Facewall Intelligence's filing did not disclose the board it plans to seek, leaving it unclear whether it will pursue that route.