Moonshot AI (Kimi) considers dual listing on the Hong Kong Stock Exchange and the STAR Market.

Beating AI News Flash: Moonshot AI is considering a dual listing on the Hong Kong Stock Exchange (HKEX) and the Shanghai Stock Exchange’s STAR Market. The company has confidentially filed an IPO application with HKEX, and is now signaling to investors that it may list on the STAR Market after its Hong Kong debut. The STAR Market plan remains in the exploratory stage and has not been finalized by the firm. For its Hong Kong listing, Moonshot AI aims to raise around $30 billion, with a potential earliest launch in Q1 2027. The company is currently advancing its final pre-IPO financing round, with a valuation of approximately $50 billion. Moonshot AI’s consideration of a STAR Market listing is partly due to recent weak share performance of AI firms listed in Hong Kong, plus the large number of companies waiting to list on HKEX. A dual listing would add an extra financing channel and expand its investor reach. The STAR Market relaxed its fifth set of listing rules specifically for large language model (LLM) companies in June this year, allowing firms that have not yet achieved a certain revenue scale to apply. One key requirement is that the company must have at least one LLM product launched and realize large-scale commercial application.