Kimi maker Moonshot AI to explore dual Hong Kong and Shanghai IPOs to boost capital: sources
Chinese artificial intelligence start-up Moonshot AI, developer of the popular Kimi K3 model, may explore options for dual listings in Hong Kong and Shanghai in pursuit of greater capital and exposure, according to two people familiar with the matter. Since a meeting with its financial backers in July, when the Beijing-based company negotiated detailed arrangements for an initial public offering…
Chinese AI startup Moonshot AI, creator of the popular Kimi K3 model, is considering dual listings on both Hong Kong and Shanghai stock exchanges to raise capital and increase exposure, according to sources. After meeting with financial backers in July, the Beijing-based company has indicated a potential listing on China's Star Market, home to many tech giants.
The Star Market, which has gained popularity recently with the listings of companies like ChangXin Memory Technologies and Unitree Robotics, may soon see Moonshot's IPO. This move could be due to weaker AI stock performance in Hong Kong and the saturation of firms applying for listings, sources said. Moonshot has already filed for a Hong Kong IPO, aiming for a listing in the first quarter of 2027, and has recently completed a substantial financing round that could value the company at around US$50 billion.
However, the company is still in the process of unwinding its offshore structure before the IPO. The move signals an accelerated fundraising pace as global competition intensifies in the AI model sector. Moonshot's Kimi K3 model, the world's largest open-weight AI model with 2.8 trillion parameters, was released in July and currently ranks second on the Artificial Analysis Intelligence Index, behind Z.ai's GLM-5.3.
However, both models still lag behind over 10 closed-source systems from American AI labs such as Anthropic, OpenAI, and Meta Platforms.
Written by urgent.news from South China Morning Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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