According to CoinMeta, Moon’s Dark Side is adjusting its corporate structure and introducing investors with state-owned capital backgrounds in order to secure approval from regulatory authorities for a listing in Hong Kong. The company has changed its status to a joint-stock limited company in China and is coordinating with investment banks and legal teams regarding the transfer of shares held by overseas investors. Moon’s Dark Side has recently completed two rounds of financing, with valuations reaching $30 billion and $50 billion respectively. Its shareholders include the National Artificial Intelligence Industry Investment Fund, the National Social Security Fund, local government guidance funds from Shanghai and Guizhou, as well as investment entities affiliated with People’s Daily. Moon’s Dark Side plans to raise $3 billion through an initial public offering (IPO) to fund the development of large-scale models and business expansion. The company responded that reports suggesting it plans to submit an IPO application to Hong Kong within this month are not accurate.