BlockBeats News, August 8th. According to the Financial Times, the Chinese AI startup Moonshot AI is adjusting its corporate structure and bringing in several state-owned investors to seek regulatory approval for its Hong Kong IPO.

The Moonshot AI subsidiary, Kimi K3 model, has recently narrowed the performance gap with Anthropic's leading model and has been well-received by developers. The company plans to raise funds through an Initial Public Offering (IPO) to support the next phase of large-scale model research and business expansion.

Prior to the IPO, Moonshot AI may need to dismantle its existing Variable Interest Entity (VIE) structure. Due to the overseas control of its core business by foreign entities and fundraising in US dollars from overseas investors, Chinese regulators have imposed restrictions on overseas listings of tech companies with VIE structures, leading to several AI companies including Moonshot AI and StepFun pausing their IPO preparations.

It is reported that Moonshot AI changed its China domestic entity from a limited liability company to a joint stock company last week, a crucial step in its listing process. The company is currently coordinating with investment banks and legal teams to address the transfer of ownership held by overseas investors.

An investor revealed that Moonshot AI has recently informed shareholders that it is still progressing with the adjustment of the overseas entity structure and has not yet determined how to transfer the equity of overseas shareholders to the domestic entity. Possible solutions include establishing a domestic investment entity for overseas investors to hold shares or initially selling overseas shares and then repurchasing domestic shares, both of which involve lengthy approval processes.

On the fundraising front, Moonshot AI recently completed two rounds of financing, with one round valuing the company at around $30 billion and the other round expected to reach a valuation of $50 billion. The company has previously attracted investment from state-owned institutions such as the National Artificial Intelligence Industry Investment Fund. The latest list of shareholders also includes the National Social Security Fund, local government-guided funds from Shanghai and Guizhou, and an investment entity under People's Daily.

BlockBeats previously reported on August 3rd that there were market rumors suggesting Moonshot AI planned to submit a Hong Kong IPO application as early as this month, aiming to raise approximately $3 billion. In response, Moonshot AI stated that the news was untrue.