Key facts
- Moonshot AI, developer of the Kimi chatbot, is considering dual IPOs in Hong Kong and Shanghai.
- The company aims to raise capital and boost exposure through the listings.
- A potential Shanghai listing would target the STAR Market.
- Moonshot AI previously confidentially filed for a Hong Kong IPO, aiming to raise $3 billion.
- The Kimi K3 model has received positive reviews and strong demand since its July launch.
Moonshot AI, the Beijing-based artificial intelligence startup behind the Kimi large language model, is reportedly considering dual initial public offerings in Hong Kong and Shanghai. The company is exploring these listings to raise capital and increase its market exposure, according to the South China Morning Post, which cited two individuals familiar with the matter.
One source indicated that Moonshot AI has discussed its Hong Kong IPO plans with financial backers and has also raised the possibility of a subsequent listing on the mainland. The company is likely to target the Shanghai Stock Exchange's Science and Technology Innovation Board (STAR Market), and discussions with the exchange may begin soon. The newspaper suggested that the exploration of a mainland listing could be influenced by weaker performance in Hong Kong's AI stock market and a competitive IPO environment in the city.
Reuters reported last week that Moonshot AI had confidentially filed for a Hong Kong IPO, with the aim of raising approximately $3 billion. This move would add to a global trend of AI-related fundraising. Other Chinese AI firms like Z.AI and MiniMax have listed in Hong Kong this year. Moonshot's latest model, Kimi K3, launched in July, has garnered positive reviews and strong demand. The startup is also reportedly in discussions with Microsoft, Amazon, and Google regarding revenue-sharing agreements for hosting its model.