Just came across some interesting news: Recently, there’s been a continuous flow of Kimi secondary shares in the market. Prices and availability are changing constantly—if someone hesitates even a little, the shares are already snapped up by others. The most extreme case? Rumor has it that a fund related to Yang Zhilin himself transferred secondary shares at a valuation of $18 billion, with a 10% upfront fee and 20% of future profits taken as carry. Even with such harsh terms, a large number of institutions are still lining up to subscribe. Moonshot AI (Kimi), as the most highly anticipated IPO in the domestic AI sector, is insanely popular. Opportunities for us to participate are already quite limited, and now it’s mostly Pre-IPO products appearing in the market. For example, Gate @Gate_zh recently launched the third phase of its Pre-IPO offerings. Here’s a quick look at the subscription details: Subscription period: August 11, 15:00 – August 13, 15:00 Reference price: $105–$115 Implied valuation: Approximately $50 billion Total subscription size: Around $10 million Supported currencies: USDT / GUSD Minimum subscription: 10,000 USDT/GUSD A 5% underwriting service fee will be charged on successfully subscribed portions. A few key points to note: 1️⃣ The earlier you participate, the higher your allocation weight. According to the rules, allocation weight is calculated based on the "average locked amount per hour" throughout the subscription period. So, with the same amount of funds, the earlier you join, the higher your theoretical weight. 2️⃣ GUSD subscriptions are supported. During the subscription period, GUSD can still earn a 3.8% annualized yield from U.S. Treasury bonds. For USDT users, if you don’t end up getting any allocation, there’s a corresponding interest subsidy mechanism. 3️⃣ Not fully locked after distribution. KIMI tokens will be 100% unlocked and are planned to enter a dedicated trading market, where they can be transferred or principal can be recovered. However, there’s a transaction fee, and 20% carry will still apply to profits.