IPOs & Markets
The deal will be Hong Kong’s largest share sale in nearly seven years.
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Policy & Regulations
Regulators looking for ways to prevent top AI startups from being acquired by the West.
Deals
Affiliates Ant Group and Alibaba participated in the private funding round.
Moonshot said Kimi K3 performed competitively with leading U.S. models.
The move follows a two-week, $1.48 trillion market rout.
The proposed fundraising follows a $7.4b June round that valued the AI startup at about 450 billion yuan.
Analysis
CXMT’s IPO “is sucking in too much money, and investors are voting with their feet”.
The company makes optical modules used in AI data centres.
The IPO would be one of Hong Kong’s most closely watched listings in years.
The over-subscription rate, however, was much lower than most recent Chinese IPOs.
