#KimiConfidentiallyFilesForHKIPO

Gate Pre-IPOs Phase 3
Gate Pre-IPOs Phase 3 is now open for eligible users interested in the Moonshot AI KIMI Asset Certificate subscription.

Moonshot AI is a Chinese artificial intelligence company focused on large language models, AGI research, and AI applications. Its Kimi AI assistant has gained attention for long-context processing, multimodal capabilities, and intelligent Agent technology.

The current Pre-IPOs offering provides exposure to the potential pre-listing value of Moonshot AI through Gate's dedicated Pre-IPOs mechanism. However, an important distinction must be understood before participating:

KIMI is a Mirror Note. It is not actual Moonshot AI stock and does not represent direct ownership, voting rights, or equity in Moonshot AI. The product is also not affiliated with, authorized by, or endorsed by Moonshot AI.

The indicative subscription price is currently between $105 and $115 per KIMI Asset Certificate. Gate's Pre-IPOs page currently displays an estimated price of approximately $110, while the final subscription price will be determined through the official pricing and book-building process.

Based on the current offering structure, the implied valuation of Moonshot AI is approximately $50 billion.

Subscription is available through two pools:

USDT Pool
Maximum allocation: 540 KIMI

GUSD Pool
Maximum allocation: 360 KIMI

The maximum combined allocation per user is 900 KIMI.

The minimum subscription amount is 10,000 USDT or 10,000 GUSD per transaction.

One of the key aspects of this offering is the allocation mechanism. Allocation is not determined simply by the amount deposited. Gate calculates allocation based on the user's average locked subscription amount during the subscription period compared with the overall average subscription amount.

The subscription period runs from August 11, 2026, at 07:00 UTC until August 13, 2026, at 07:00 UTC.

Because the calculation uses the average locked amount, subscribing earlier and keeping the funds locked for the full subscription period can provide a higher allocation weight than subscribing shortly before the deadline.

However, higher allocation weight does not guarantee a specific number of KIMI certificates.

Users choosing GUSD have an additional consideration. GUSD subscriptions can continue earning the applicable 3.8% annualized Flexible Term U.S. Treasury return during the subscription period, with returns distributed daily according to the product terms.

For USDT subscribers, if no KIMI allocation is received, Gate states that an interest subsidy based on a 3.8% annualized rate may be provided for the locked subscription funds, subject to the applicable conditions. Subsidies below 0.5 USDT will not be distributed.

Phase 3 also includes a separate Moonshot AI KIMI airdrop campaign for eligible VIP users. Participation and rewards are subject to the specific event requirements.

Participants should also account for the applicable fees.

The offering carries a 5% underwriting service fee, subject to the final offering price. This fee applies only to successfully allocated subscriptions.

The dedicated KIMI trading market may also include trading fees. The announced fee structure specifies a 0.5% maker fee and a 1.5% taker fee.

In addition, a 20% Carried Interest mechanism applies to realized profits under the applicable rules. This means a portion of realized profits can be subject to a profit-sharing fee.

KIMI Asset Certificates are scheduled for distribution on August 17, 2026, at 07:00 UTC.

Successfully allocated certificates will be distributed 100% unlocked to the PreIPO Account. Unused funds from unsuccessful or excess subscriptions will be returned to the Spot Account according to the applicable distribution rules.

Following distribution, the KIMI Asset Certificates are expected to enter a dedicated trading market approximately one month later. The exact opening time will depend on Gate's official announcement.

Once the dedicated market becomes available, holders may be able to trade their certificates based on market prices. However, the profit component associated with the eventual listing of the target company may remain locked until the relevant listing or exit event.

This means KIMI should not be viewed in the same way as a publicly traded stock.

A publicly listed stock generally provides direct equity ownership and access to established public-market liquidity. KIMI is a Mirror Note that provides a structured form of exposure through Gate's Pre-IPOs mechanism.

The expected holding period is also different. Gate states that the holding period could extend from several months to several years depending on the actual listing or other exit arrangements of the target company.

There is also a cancellation mechanism.

If Moonshot AI does not complete its listing, or if the underlying mirrored asset triggers a right of first refusal or another applicable cancellation condition, the project may be canceled and refunded according to the stated rules.

Gate currently describes an estimated cancellation probability of approximately 20%.

In such a scenario, secondary-market trades may be voided, while the treatment of principal, profits, losses, and trading fees would follow the applicable refund mechanism.

The process for eligible users is straightforward:

Go to Gate
Open Earn
Select Launch
Enter Pre-IPOs
Select Moonshot AI KIMI
Choose USDT or GUSD
Enter the subscription amount
Confirm the subscription

Allocation information can be reviewed through the relevant Pre-IPOs allocation records after the subscription process.

The main point is that early subscription does not guarantee a specific allocation. It can increase the allocation weight because the calculation considers the average amount locked throughout the subscription period.

The Moonshot AI KIMI offering provides exposure to a private AI company through Gate's Pre-IPOs structure, but it also carries substantial uncertainty.

The asset is non-principal-protected and high risk. Its market value can fluctuate significantly, liquidity may be limited, the expected listing can be delayed, and the listing may not occur.

Participants should also understand that the future listing valuation is not guaranteed and that past or indicative valuations do not establish future market prices.

Before subscribing, users should review the final pricing, allocation methodology, underwriting fee, carried interest, trading fees, unlocking conditions, cancellation mechanism, eligibility requirements, and complete risk disclosures.

The subscription deadline is August 13, 2026, at 15:00 UTC+8.

KIMI represents potential pre-listing exposure to Moonshot AI, not direct ownership of Moonshot AI.

The key consideration is therefore not simply the potential upside. It is understanding the structure, costs, liquidity, time horizon, and risks before committing capital.

@Gate_Square @GateSquare