The dark side of the Moon is about to hit the Hong Kong stock market! With a re-organization of the architecture, a valuation of $5 billion, and Kimi K3 almost catching up to Anthropic. But once state-owned capital moves in, the red chips have to be split—how do overseas shareholders’ equity get transferred? Before the listing, all these procedures are even more brain-teasing than model training. Can Kimi run the first leg in this wave of AI IPOs?