The Gate Pre-IPO dedicated trading market has officially launched, providing secondary market trading and liquidity services for Pre-IPOs asset certificates. Through the dedicated trading market, users holding Pre-IPOs asset certificates can buy and sell freely at market prices and flexibly manage their positions according to their own strategies before the target company completes its IPO or other exit arrangement, enabling market-based pricing and liquidity release for the assets.
The first-phase project Moonshot AI (KIMI) will open dedicated market trading on September 17, 2026, 7:00 (UTC).
1. Gate Pre-IPO Dedicated Trading Market
The Gate Pre-IPO dedicated trading market provides secondary trading services for Pre-IPOs asset certificates. Unlike traditional primary subscription, after completing a Pre-IPOs subscription and obtaining the asset certificates, users can enter the dedicated trading market to buy and sell, with trading prices determined by market supply and demand.
The dedicated trading market supports 24/7 trading. Users holding positions can freely buy and sell based on the market price and their own trading strategies, and can continue to hold asset certificates after trading.
Core Trading Mechanism
Free Trading
Position holders can freely place Maker or Taker orders through the dedicated trading market, with buyers and sellers completing transactions at the market price.
Principal Recovery
After users sell their positions, they can recover and withdraw the corresponding principal in accordance with the relevant rules; the profit portion related to the pre-listing increase in asset value will remain locked until the target company's shares are listed and unlocked.
Continue Holding
Users do not need to exit all positions at once. Based on their own strategy, they may sell a portion and continue holding the remaining asset certificates, continuing to participate in the subsequent value changes of the target company.
Market-Based Pricing
The dedicated trading market forms real-time market prices through buy and sell orders, providing a market-based price discovery mechanism for Pre-IPOs asset certificates.
Secondary Transfer
After the asset certificate completes its first transaction, it can re-enter the market for buying and selling, and holders can continuously manage their positions according to market conditions.
2. Trading Fees
The Pre-IPO dedicated trading market uses a Maker / Taker fee rate mechanism:
Maker: 0.5%
Taker: 1.5%
Relevant fees will be charged when the trade is executed in accordance with the platform's actual rules.
3. ROFR and Trade Cancellation Mechanism
Pre-IPOs asset certificates correspond to target companies that have not yet completed their IPO, and final asset delivery may still be affected by the target company's Right of First Refusal (ROFR) and other underlying asset factors.
Depending on the specific arrangements for different Pre-IPOs asset batches, certain asset batches may be subject to ROFR triggers and corresponding trade cancellation mechanisms.
If the final settlement of a relevant asset batch is canceled because the target company fails to list successfully, the underlying mirror target triggers ROFR, or other factors, the platform will process the relevant transactions in accordance with the rules for that batch.
For asset batches subject to the cancellation and refund mechanism, the related secondary trades will be voided. Profits, losses, and trading fees arising from the trades will be recovered or refunded in accordance with the rules. The specific handling will be as set forth in the corresponding project announcement.
Therefore, the specific trading and refund rules may vary across different Pre-IPOs projects. Users must review the corresponding project’s rules before participating in trading.
4. Pre-IPOs Asset Certificates and Subsequent Exit
Pre-IPOs asset certificates are Mirror Notes issued before the target company's IPO, used to mirror the target company's market value before and after listing, and are a type of Contingent Payout Note.
After the target company completes its IPO, Gate will provide relevant position holders with a follow-up asset handling plan based on actual market conditions, including stock asset redemption, tokenized stock redemption, or other applicable exit methods.
If the target company ultimately fails to be successfully listed, is acquired, is merged, or experiences any other exit event, the platform will handle the matter according to the specific rules of the corresponding project.
Pre-IPOs asset certificates do not represent actual stocks or shares of the target company, nor do they create any legal relationship between investors and the target company.
5. Moonshot AI (KIMI) Dedicated Market Trading Arrangements
Moonshot AI (KIMI), the Phase 3 Gate Pre-IPOs project, will be the first to enter the Pre-IPO dedicated trading market.
The distribution of KIMI asset certificates has been completed. According to the previously announced KIMI Pre-IPOs rules, after the asset certificates are distributed, they will enter the dedicated market for trading and support free transfer and selling to recover principal; the profit portion related to the target company's shares will remain locked until those shares are listed and unlocked. The specific arrangements are as follows:
Asset Certificate Symbol: KIMI
Trading Pair: KIMI/USDT
Dedicated Market Trading Time: September 17, 2026, 7:00 (UTC)
Trading Hours: 24/7
Web User Access Path
Top Navigation Bar: [Earn] → [Pre-IPOs] → Scroll down to "PreIPO Trading Market" → Search KIMI
App User Access Path
Gate App → [Earn] → [Launch] → [Pre-IPOs] → Scroll down to "PreIPO Trading Market" → Search KIMI
6. About Moonshot AI (KIMI)
The KIMI asset certificate is a Mirror Note issued before the Moonshot AI IPO, used to mirror the market value of Moonshot AI before and after its listing.
For more KIMI Pre-IPOs rules, please see: Gate Pre-IPOs Phase 3: Moonshot AI (KIMI) supports subscription with USDT and GUSD
Pre-IPOs Mechanism Explanation
Gate Pre-IPOs focuses on asset value opportunities in high-quality companies before listing. Through digital subscription and a dedicated trading market, it provides users with a complete asset participation path from primary subscription to secondary trading and on to subsequent exit.
Users can obtain the corresponding asset certificates before the target company enters the public market, and conduct secondary trading based on the market price after the dedicated trading market opens.
Since the target company has not yet officially listed, Pre-IPOs asset certificates are circulated using temporary trading symbols and corresponding quantities. After the target company completes its IPO, the platform will adjust the relevant assets and exit methods based on actual circumstances.
Note
Currently, the target companies corresponding to Pre-IPOs asset certificates may not yet be listed, and the actual listing time is uncertain. Users may face relatively high investment risk.
Since the target company has not yet been officially listed, the relevant asset certificates may be affected by market liquidity, price volatility, ROFR, laws and regulations, and other factors.
If the target company fails to list successfully, enters bankruptcy, is acquired, is merged, or triggers other exit conditions stipulated by the project, the relevant assets will be handled in accordance with the corresponding project rules, and users may face principal loss.
The market price in the dedicated trading market is determined by supply and demand between buyers and sellers, and may differ significantly from the stock value of the target company after it is actually listed in the future.
Different Pre-IPOs asset batches may be subject to different trading and refund mechanisms. Users should carefully read the specific rules for the corresponding project before trading.
Crypto assets and related financial products are subject to high risk and price volatility. Please ensure that you fully understand the product mechanisms and associated risks, and confirm that you have the appropriate risk tolerance before participating.
In case of any discrepancy between the translated version and the English version, the English version shall prevail.
Gate reserves the right of final interpretation.
Users in restricted regions are unable to use all or part of the services. For detailed information on restricted regions, please read the User Agreement.
Gate Team
September 17, 2026
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