Beijing-based AI startup Moonshot is considering dual listings in Hong Kong and Shanghai to boost fundraising and exposure, the South China Morning Post reported on Thursday, citing two people familiar with the matter.
The developer of the Kimi large language model has discussed plans for a Hong Kong IPO with its financial backers and has also floated the possibility of a subsequent mainland listing, according to one of the people who spoke to SCMP.
Moonshot is likely to target the Shanghai Stock Exchange's STAR Market and could soon begin talks with the bourse, the report said.
The exchange's STAR Market refers to the Shanghai Stock Exchange Science and Technology Innovation Board, which has recently attracted other Chinese technology companies including Unitree Robotics.
Exploration of a mainland listing may reflect weaker performance among Hong Kong-listed AI stocks and a crowded IPO pipeline in the city, the newspaper reported, citing its sources.
Moonshot could not immediately be reached for comment.
Reuters reported last week that Moonshot had confidentially filed for a Hong Kong IPO, citing three people with knowledge of the plans, with one saying it is aiming to raise $3 billion through the Hong Kong listing.
A listing by Moonshot would add to a wave of AI-related fundraising globally. Anthropic, the developer of Claude, is preparing an offering by October. Among Chinese firms, Z.AI, formerly known as Zhipu, and MiniMax listed in Hong Kong this year.
Moonshot's latest model, the Kimi K3, launched in July, has received positive reviews and strong demand. Sources told Reuters earlier the startup is in talks with Microsoft, Amazon and Google on revenue-sharing agreements that would allow the U.S. cloud companies to host the model.
