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ExclusiveKimi maker Moonshot AI to explore dual Hong Kong and Shanghai IPOs to boost capital: sources
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Coco Fengin GuangdongPublished: 3:50pm, 10 Sep 2026Updated: 3:58pm, 10 Sep 2026
Chinese artificial intelligence start-up Moonshot AI, developer of the popular Kimi K3 model, may explore options for dual listings in Hong Kong and Shanghai in pursuit of greater capital and exposure, according to two people familiar with the matter.
Since a meeting with its financial backers in July, when the Beijing-based company negotiated detailed arrangements for an initial public offering in Hong Kong, it has hinted at options to also list on a mainland bourse afterwards, one source said.
On the mainland, Moonshot was likely looking at the Shanghai Stock Exchange’s tech-heavy Star Market and may soon begin negotiations, according to the other source. The Star Market has attracted many Chinese technology stars recently, including ChangXin Memory Technologies and Unitree Robotics, while awaiting other big names like DeepSeek and Yangtze Memory Technologies.
Moonshot’s exploration of dual listings may stem from the weaker market performance of AI stocks in Hong Kong, and because too many firms had applied to list in the city, the sources said.
Moonshot did not immediately respond to a request for comment on Thursday.
The firm has already filed confidentially for a Hong Kong IPO, targeting a listing as early as the first quarter of 2027. Meanwhile, it has undertaken a final financing round ahead of the IPO, which could value it at around US$50 billion, the South China Morning Post reported last week. Shares of rivals Z.ai and MiniMax have fallen in recent weeks. Both firms are in the process of separate listings on the Star Market.AdvertisementSelect VoiceSelect Speed1xAI-generated voice