Moonshot AI is now exploring a dual Hong Kong + Shanghai STAR Market listing, on top of its existing confidential HK IPO filing

What happened

The South China Morning Post reported Moonshot is discussing a dual listing — its already-known confidential Hong Kong IPO filing (Reuters-reported target ~$3bn) plus a subsequent mainland listing on Shanghai's STAR Market — with sources citing weaker recent performance of Hong Kong-listed AI stocks and a crowded HK IPO pipeline as reasons to hedge onto STAR, which has recently drawn other Chinese tech listings (e.g. Unitree Robotics). This is a capital-structure update to the same IPO thread that logged the $3-5bn HK target revision and a $50bn pre-money private round on 09-04, arriving one day after Moonshot was named by name in the CISA/NSA/FBI distillation advisory this thread already recorded on 09-09 — worth watching whether the advisory affects listing terms or investor appetite. Moonshot did not comment. (DealStreetAsia, AOL/SCMP wire)
Anthropic's own newly published threat-intelligence report names, for the first time, the specific downstream models trained on harvested Claude reasoning — Qwen 3.5, 3.6 and 3.7 — escalating the distillation dispute this thread tracks from volume claims to named products. Anthropic's "Detecting and countering misuse of AI: September 2026" report (internal case designator GTG 16005) attributes the campaign to Alibaba's Qwen/Tongyi Lab, not Moonshot — the largest chain-of-thought distillation campaign Anthropic says it has ever measured against Claude, peaking at nearly 3 million exchanges per day from more than 3,500 fraudulent accounts, using prompt injection to force Claude Opus 4.6 and 4.7 to write out their reasoning before answering. This is a different Chinese lab than the one this thread is named for, but the same six-company federal distillation advisory (CISA/NSA/FBI, 09-09, logged below) that named Moonshot also named Alibaba — so today's report gives fresh, named-model detail to one of that advisory's other members. It is also distinct from Anthropic's 2026-06-10 letter to the Senate Banking Committee on the same Alibaba dispute, which cited 28.8 million exchanges across 25,000 accounts for April–June and did not name the trained models; today's report gives a higher daily rate and names Qwen 3.5/3.6/3.7 for the first time. (Anthropic)

Sources 2

DealStreetAsia dealstreetasia.com unrated
Anthropic anthropic.com primary source

Credibility ratings combine two public datasets: Lin et al. 2023, PNAS Nexus 2(9):pgad286 (CC BY 4.0) for the domain-quality score, and Wikipedia's perennial-sources list (CC BY-SA 4.0) for the reliability tier. A rating describes an outlet's general record, never this particular article. Unrated means absent from those datasets — not a judgement.

The wider story

This event sits inside Distillation Fight, which carries how it developed before and since.

Story 13 of 18 in this thread's timeline, oldest to newest

Adjacent threads (shared entities):

· Anthropic Rents the Buildout

· The Enterprise Agent Land Grab