Moonshot AI, a Beijing-based AI startup, has asked shareholders to approve a Hong Kong initial public offering that could come within six months.

The company is also completing a funding round that may value it at more than US$30 billion after the release of Kimi K3. That target is about 50% above the US$20 billion valuation reported for its May financing round.

Moonshot described Kimi K3 as a 3-trillion-scale open-weight model with a 1 million-token context window.

Its plan to unwind its red-chip structure comes as offshore listing vehicles face tighter regulatory scrutiny. Mainland China’s generative AI companies also face rules on data, content, and some security assessments.

Hong Kong’s Chapter 18C regime lets AI companies list as specialist technology issuers, with a HK$250 million (US$31.9 million) revenue threshold for commercial applicants.

The city’s IPOs raised HK$209.9 billion (US$26.7 billion) in the first half of 2026, but about half of listings since January 2025 have traded lower over the past three months.

🔗 Source: Bloomberg