Unlocking Value

On 8 December 2023, China Merchants China Direct Investments Limited (the “Fund”, 133 HK) announced that it invested US$ 10 million (series A) in Moonshot AI Ltd (月之暗面) for a 1.29% equity interest.

Moonshot AI is the developer of the Kimi chatbot (try it here:  it’s amazing), one of the hottest large language models (LLMs) recently. 

According to the South China Morning Post, Kimi is known for handling “prompts” of two million Chinese characters (up from 200,000).  Moonshot AI’s other investors include Alibaba, Meituan and Sequoia China.

Based on our calculation, Moonshot AI’s series A financing (i.e. the round in which the Fund participated) was done at a post-money valuation of approximately US$ 775 million.  According to this article, shortly afterwards in Feb 2024, Moonshot AI raised US$1 billion at a valuation of US$2.5 billion (disclaimer: we are not able to verify this number).

We, Argyle Street Management (ASM), congratulate the Fund on its well-timed investment in Moonshot AI.

We re-iterate our proposal which we published on 8 January 2024, and urge the Fund to sell assets and return capital. That, even Kimi will tell you, is an easier way to create value for shareholders than landing on the moon.

Visit us:  UnlockChinaMerchants.com

Write to us:  ChinaMerchants@asmhk.com

2023年12月8日，招商局中国基金（“中国基金”，133HK）宣布出资1000万美元参与投资月之暗面（Moonshot AI Ltd）的A轮融资，投后持股比例为1.29%。

由月之暗面开发的KIMI智能助手（登录链接如下：https://kimi.moonshot.cn/），目前最火热的大数据模型之一。据《南华早报》报道，2024年3月，Kimi已经能够处理200 万字超长无损上下文（远超之前的20万字）。月之暗面的其他投资者包括阿里巴巴、美团和红杉中国等。

根据ASM测算，月之暗面的A轮融资（即中国基金参与的轮次）投后估值为7.75亿美元。根据公开信息报道，在短短数月后，月之暗面在2024年2月完成新一轮10亿美元融资，投后估值约为25亿美元（ASM尚未核证这个数字）。

我们，Argyle Street Management（ASM），祝贺基金对月之暗面的精准投资。

我们重申于 2024 年 1 月 8 日发布的建议，希望中國基金出售资产并向股東返还资金。Kimi会告诉你：这个为股东创造回报的方法，要比登月简单多了。

UnlockChinaMerchants.com

电邮我们：ChinaMerchants@asmhk.com