Moonshot AI Restructures Equity and Introduces State-Owned Investors to Obtain Regulatory Approval for Hong Kong Listing

On August 8, Chinese AI startup Moonshot AI is adjusting its corporate structure and bringing in several state-owned investors to seek regulatory approval for its listing in Hong Kong.

Moonshot AI's Kimi K3 model has recently narrowed the performance gap with leading models from Anthropic and has been well-received by developers. The company plans to raise funds through an initial public offering (IPO) for the next phase of large model research and business expansion.

Before going public, Moonshot AI may need to dismantle its existing red-chip structure. Due to its core business previously being controlled by overseas entities and raising USD funds through foreign investors, Chinese regulators have imposed restrictions on the overseas listings of tech companies with foreign structures, leading to the suspension of IPO preparations for several AI companies, including Moonshot AI and StepFun.

It is reported that Moonshot AI last week changed its domestic entity from a limited liability company to a joint-stock company, marking an important step towards its listing. The company is currently coordinating with investment banks and legal teams to resolve issues related to the transfer of shares held by overseas investors.

An investor revealed that Moonshot AI has recently informed its shareholders that it is still advancing the adjustment of its overseas entity structure and has not yet determined how to transfer the rights of overseas shareholders to the domestic entity. Possible solutions include overseas investors establishing domestic investment entities to hold shares or selling overseas shares first and then re-subscribing for domestic shares, both of which involve lengthy approval processes.

In terms of financing, Moonshot AI has recently completed two rounds of financing, with one round valued at approximately USD 30 billion and the other expected to reach USD 50 billion after completion. The company has previously attracted investments from state-owned institutions, including the National Artificial Intelligence Industry Investment Fund, and the latest shareholder list also includes the National Social Security Fund, local government guidance funds from Shanghai and Guizhou, as well as investment entities under the People's Daily.

Earlier market news indicated that Moonshot AI plans to submit its Hong Kong IPO application as early as this month, aiming to raise approximately USD 3 billion. In response, Moonshot AI stated that the news is inaccurate.

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