According to Benchmark Studio, Chinese AI startups including Moonshot AI and DeepRoute.ai are evaluating options to relocate company registration from overseas to mainland China following regulatory inquiries from China’s Securities Regulatory Commission regarding offshore holding structures. StepFun, a Shanghai-based AI model developer, has begun dismantling its offshore structure to accelerate Hong Kong IPO approval.
The regulatory tightening was triggered by China’s order to reverse Meta’s $2 billion acquisition of Manus, a Chinese-founded AI agent company. Analysts note that dismantling offshore structures typically takes six to twelve months and involves multiple steps including equity buybacks and investor re-entry, with subsequent Hong Kong listings subject to a 12-month lockup period, double the standard for VIE structures.
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