capital · May 22, 2026
Moonshot AI informs shareholders it will dismantle VIE structure for Hong Kong IPO
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Moonshot AI informed shareholders this week that it will dismantle its variable interest entity (VIE) structure. The Beijing-based company behind the Kimi chatbot proposed the change after seeking but likely failing to obtain an exemption from the China Securities Regulatory Commission. Moonshot operates with assets held via a Cayman Islands parent and has raised approximately $3.9 billion total since November 2025, reaching a valuation above $20 billion after a $2 billion round. The restructuring targets a Hong Kong listing and follows Beijing’s tightened oversight of offshore structures for Chinese firms seeking overseas debuts. Moonshot AI closed a $2 billion funding round at over $20 billion valuation on or around May 6, 2026.