Moonshot AI plans to list on the Hong Kong Stock Exchange within six months, people familiar with the matter say. The Beijing-based startup behind the Kimi chatbot has circulated a shareholder resolution to ensure investors approve the offer.
The filing comes after a turbulent week for Moonshot, whose new Kimi K3 model briefly shook global technology markets. Investors are now watching whether the company can turn this momentum into a successful startup.
Kimi K3 AI model shakes global markets
Moonshot Kimi released K3 on July 16, an open-weight model built on approximately 2.8 trillion parameters. Its design uses a mixture of experts (MoE) architecture, which divides tasks across specialized subnetworks.
A contextual window containing 1 million tokens helped it match many of the leading US tokenization standards.
The launch sparked what traders described as a novelty Deep Sick Moment. Taiwan’s main index fell more than 6%, and Japanese stocks fell 4%. The Nasdaq index fell by 1.5% in its worst session this week, according to Business Insider. luck.
As a result, Hong Kong-listed competitor Z.ai lost up to 30% of its value. This represents its largest single-day decline since its listing in January. MiniMax Group shares fell 16%, and Alibaba shares fell 4%. Bloomberg I mentioned.
AI funding round targets $30 billion
Moonshot is simultaneously finalizing a round that could value the company at more than $30 billion, sources told Bloomberg. That number represents a nearly seven-fold jump from the $4.3 billion valuation it held in December, according to MLQ news.
In contrast, the startup’s annual recurring revenue reportedly doubled to about $200 million by April. That’s up from about $100 million in early March.
The rapid growth has increased investor appetite even as Beijing restricts Chinese artificial intelligence Companies from taking foreign capital Without permission.
Restructuring paves the way for listing
To qualify for listing in Hong Kong, Moonshot is dismantling its VIE exoskeleton. Chinese companies use this legal setup to guide foreign investment around ownership boundaries. It will be replaced by a joint venture model, following guidance from China’s securities regulator towards mainland-linked structures.
Moonshot isn’t the only lab eyeing a public debut. competition DeepSeek is considering an IPO After closing the first external financing round.
Meanwhile, the market reaction shows how closely AI headlines are now moving to traditional risk assets. This reflects the selling in June Bitcoin withdrew around $62,000.
However, Wall Street remains divided on how to price the competition. He urged JP Morgan to buy the dip In AI chip stocks, while Morgan Stanley favors super expanders instead.
If Moonshot’s listing continues on schedule, it will do so amid continued gains for Chinese developers. This trend is already challenging assumptions about who is leading the global AI race.
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