Moonshot AI, the parent company of Kimi, may conduct its first public offering in Hong Kong as early as this year, seeking between $3 billion and $5 billion amid strong investor demand. The company has confidentially submitted an IPO application and appointed Bank of America as global coordinator. CICC, Deutsche Bank and Goldman Sachs are serving as sponsor banks. The plans remain under discussion, and the final fundraising size and timing could still change. A previous report said Moonshot AI was pursuing a Hong Kong listing at a $50 billion valuation.