“China’s Moonshot to List in Hong Kong in Q1 Next Year” ... Targets Raising About KRW 6.8 Trillion

[The Financial News] Chinese artificial intelligence (AI) startup Moonshot AI is pursuing a listing on the Hong Kong stock market in the first quarter of next year, it was reported on the 6th.
Moonshot was recently valued at $50 billion (about KRW 68 trillion) and has completed its final fundraising round before listing. It plans to begin “early-look” meetings as early as this month—informal initial meetings with institutional investors to gauge demand for the investment.
Moonshot is considering raising up to $5 billion (about KRW 6.8 trillion) in its initial public offering (IPO). It has reportedly already filed a confidential listing application with the Hong Kong Stock Exchange. The IPO’s underwriters will be China International Capital Corporation (CICC), Deutsche Bank and Goldman Sachs.
Moonshot drew attention in July by unveiling its open model ‘Kimi K3,’ which matched the performance of leading U.S. companies such as OpenAI and Anthropic on some metrics.
As a result, its valuation rose from $31.5 billion at the time of its fundraising this summer to $50 billion in just a few months.
Annual recurring revenue (ARR) has also grown from $300 million last June to $1 billion currently, and is expected to rise to $2 billion (KRW 2.6876 trillion) by December. Foreign media have described Moonshot’s IPO as the most anticipated deal on the Hong Kong stock market, where AI companies’ fundraising is driving a run of record-breaking figures. Its competitors Zhipu (Z.ai) and MiniMax are already listed in Hong Kong.
Chinese regulators have launched a data security investigation into Moonshot and DeepSeek, and the probe could affect the company’s valuation or listing timeline.


[email protected] Lee Seok-woo, International Affairs Correspondent Reporter