Leading domestic large model company Kimi, under Moonshot, has recently made significant progress in its bid for an IPO on the Hong Kong stock market, and is now working to dismantle its VIE and red chip structure to remove regulatory obstacles for listing on the Hong Kong market. According to reports, Kimi has informed its shareholders of the related plans and intends to dissolve the offshore company framework under its Cayman Islands parent company.

This strategic move indicates that as one of the leading startups in China's large model sector, part of the "AI Six Dragons" (Zhipu AI, MiniMax, Moonshot, Jie Step Star, Bai Chuan Intelligence, Zero One World), Kimi has basically set its listing destination as Hong Kong. This step will lay the foundation for its compliant development in both domestic and international capital markets.

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Amid the current wave of general artificial intelligence, the capital market's enthusiasm for Kimi remains high. The company recently completed a $2 billion financing round, with its overall valuation breaking through the $20 billion mark; in just the past six months, its total funding has reached an astonishing $3.9 billion.

Against the dual backdrop of the commercialization of global large models and the upgrading of capital market scrutiny, Kimi's decision to dismantle its VIE structure and prepare for an IPO in Hong Kong not only demonstrates the substantial financial strength of domestic large model companies but also signals that the top tier of China's AI industry is accelerating from a "technological arms race" to a new stage of "capital and commercialization." As a landmark event in the AI industry, this move may trigger a chain reaction among top companies like the "AI Six Dragons," attracting more AI unicorns to choose Hong Kong as their preferred gateway to global capital.