China's Moonshot AI to explore Shanghai and Hong Kong IPOs

Moonshot AI is weighing a second route to the public markets through Shanghai’s STAR Market, in addition to the Hong Kong IPO it is already considering. The move could give the Beijing-based startup behind Kimi K3 access to billions of dollars in capital to fund the costly training of frontier AI models.

The plans were first reported by the South China Morning Post on Thursday, citing two people familiar with the matter.

Moonshot plans second listing

Moonshot has confidentially filed paperwork for a Hong Kong IPO and is targeting a listing as early as the first quarter of 2027. One source said the company began exploring a mainland listing after a July meeting with its financial backers, where they discussed arrangements for the IPO.

Hong Kong’s AI stocks have struggled to maintain momentum in recent weeks, even though the stock market has a huge amount of companies seeking to go public. It is therefore not surprising that there is a growing interest in Shanghai’s STAR Market.

The interest is seen as a response to Hong Kong’s stock weakness, and the market offers AI firms another potential route to the public markets.

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