Moonshot AI targets Hong Kong IPO at $30bn-plus valuation

Chinese AI startup Moonshot AI, maker of the Kimi model, is moving toward a Hong Kong stock market listing at a valuation of over $30 billion. The move follows days after Kimi K3 rattled chip stocks and Alibaba released its Qwen model in open-weight form. Activity from Chinese AI firms has also rippled into cryptocurrency markets, including bitcoin.