#KimiConfidentiallyFilesForHKIPO

🔥 KIMI PRE-IPO: BEFORE YOU CHASE THE AI STORY, UNDERSTAND THE DEAL

The AI market is moving incredibly fast, but the most interesting part of the KIMI Pre-IPO story isn't simply that Moonshot AI is building advanced AI technology.

The bigger story is how Gate is creating a structured way for eligible users to gain exposure to the potential future value of a private AI company before a conventional public listing.

And that distinction is extremely important.

KIMI is connected to Moonshot AI, the company behind Kimi and its development across large language models, long-context AI, multimodal capabilities and AI Agents.

However, KIMI is NOT Moonshot AI stock.

It is a Mirror Note / Asset Certificate offered through Gate's Pre-IPOs mechanism. It does not represent direct ownership of Moonshot AI shares, and Moonshot AI is not affiliated with, authorized by, or endorsing the product.

So this isn't a normal stock purchase.

It is a higher-risk financial product designed around potential future value and possible listing or exit events.

💰 THE NUMBERS MATTER

The indicative subscription range is around $105–$115 per KIMI Asset Certificate, while the final subscription price depends on the official pricing and book-building process.

The current structure implies a Moonshot AI valuation of approximately $50 billion.

But an implied valuation today doesn't tell us what the market will ultimately pay in the future.

That is the real question.

📊 ALLOCATION IS MORE THAN JUST DEPOSITING FUNDS

Gate's allocation mechanism considers the user's average locked subscription amount during the subscription period relative to the overall average subscription amount.

That means timing can matter.

Maintaining funds throughout the subscription period may produce a different average locked amount than entering at the last moment.

Still, allocation is not guaranteed.

The maximum total allocation is 900 KIMI per user:

• Up to 540 KIMI from the USDT pool
• Up to 360 KIMI from the GUSD pool

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

🏦 GUSD AND USDT HAVE DIFFERENT FEATURES

For GUSD subscribers, eligible funds can continue receiving the applicable 3.8% annualized Flexible Term U.S. Treasury return, distributed daily during the subscription period, according to the product terms.

For eligible USDT subscribers who receive no KIMI allocation, Gate states that an interest subsidy based on a 3.8% annualized rate may apply under the stated conditions.

But these benefits should not hide the bigger point:

The KIMI exposure itself is not principal-protected.

⚠️ FEES CAN CHANGE THE REAL RETURN

The offering includes a 5% underwriting service fee for successfully allocated subscriptions, calculated according to the final offering price and applicable rules.

The dedicated market is also expected to have trading fees, including a stated 0.5% maker fee and 1.5% taker fee.

And realized profits may be subject to a 20% carried-interest / profit-sharing mechanism under the applicable conditions.

So the real calculation isn't simply:

KIMI price → profit.

It is:

Subscription price + underwriting fee + trading costs + potential profit sharing + market price = actual economics.

⏳ THE TIMELINE IS ANOTHER MAJOR FACTOR

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

Successfully allocated certificates are expected to be distributed 100% unlocked to the PreIPO Account, while unused subscription funds are returned according to the applicable rules.

Gate expects a dedicated KIMI trading market to open approximately one month after distribution, subject to the official announcement.

But the broader investment timeline could be much longer.

The expected holding period may range from several months to several years, depending on the actual listing or exit arrangements.

🚨 THE BIGGEST QUESTION: WHAT IF THE IPO DOESN'T HAPPEN?

This is where the risk becomes especially important.

A future listing is not guaranteed.

Gate's terms include cancellation and refund mechanisms for certain circumstances, including situations where Moonshot AI does not complete its listing or specified underlying-asset conditions are triggered.

The current description also references an estimated cancellation probability of approximately 20%.

That means KIMI should never be viewed as:

“AI company + possible IPO = guaranteed opportunity.”

The real equation is much more complex:

AI growth + valuation + allocation + fees + liquidity + holding period + listing probability + cancellation risk.

🔥 MY FINAL TAKE

What makes KIMI interesting isn't the hype around AI.

It's the structure.

It gives us a glimpse into how financial markets may evolve when private-company exposure, crypto infrastructure and traditional capital markets begin moving closer together.

But that also means participants need to think differently.

Don't assume KIMI equals Moonshot AI shares.

Don't assume the indicative price is final.

Don't assume allocation is guaranteed.

Don't assume a future IPO is guaranteed.

And don't ignore the fees, liquidity limitations, potential profit-sharing or holding period.

KIMI isn't a guaranteed shortcut to an IPO.

It's a high-risk exposure built around the possibility of one.

For me, that's the most interesting part: not simply asking “Will Moonshot AI become more valuable?”

The bigger question is:

How will the market price that possibility before the IPO even happens?

That is the story worth watching.

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