중국 국책펀드·인민일보, 키미 K3 개발 ‘문샷AI’ 새 주주로 참여

China's State Investment Fund and the People's Daily, a state-run news agency, have become new shareholders in AI startup Munchot AI, which is developing the 'Keymi K3' artificial intelligence model. Munchot AI is seeking to list on the Hong Kong stock exchange and has undergone a restructuring to meet Chinese government requirements.

According to Financial Times, the latest shareholder list of Munchot AI includes the China National Artificial Intelligence Investment Fund, the Social Security Fund, Guangdong and Fujian provincial government funds, and the People's Daily. Munchot AI has also received investments from Alibaba and Tencent. The company, based in Beijing, unveiled its open-source large language model, 'Keymi K3', last month.

It has gained popularity among developers for its performance, closely matching the capabilities of leading American models. The funds raised through the initial public offering will be used for developing next-generation models and expanding the business. Munchot AI recently changed its legal structure from a limited liability company to a stock corporation, which has more stringent governance requirements but allows for a broader shareholder base and easier share transfers.

This transformation is seen as a way to prepare for the stock market listing. However, setting up a foreign subsidiary company and listing it on the stock exchange, known as the 'red chip' structure, is facing hurdles. Chinese securities authorities have restricted such structures due to concerns about foreign capital inflows. The authorities have also banned some foreign companies with core intellectual property rights from listing on foreign exchanges.

Munchot AI is reviewing the option of investing foreign shareholders in a domestic subsidiary company to directly hold shares in Munchot AI, or allowing them to purchase shares in a newly established Chinese subsidiary. However, both options are expected to take considerable time. A source familiar with China's securities authorities said that if Munchot AI can provide valid reasons for maintaining its red chip structure, the authorities may grant an exception, which could significantly expedite the listing timeline.

However, the likelihood of a listing before the end of the year remains uncertain. Munchot AI had planned two rounds of funding, with the first completed. The company is valued at around $30 billion, with a projected value of $50 billion after the second funding round. Financial Times reported that Chinese AI companies are engaging in fierce investment competition, lowering prices to attract users while securing funds for developing larger models.