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2026-10-12 09:11:55 Moonshot AI management plans to resolve legal disputes with shareholders before pursuing a Hong Kong listing, Reuters, citing sources, reported. One shareholder is seeking compensation from the company over alleged misconduct. Records showed that Moonshot AI CEO Yang Zhilin and CTO Zhang Yutao co-founded AI software developer Recurrent.ai in 2016. They later established Moonshot AI in 2023 while continuing to serve as directors of Recurrent.ai's holding company. Recurrent.ai and Moonshot AI subsequently entered arbitration proceedings in Hong Kong in 2024. According to a letter sent by counsel representing Recurrent.ai to Moonshot AI investors on March 11, 2026, Recurrent.ai and some of its investors accused Yang Zhilin and Zhang Yutao of making false representations to Recurrent.ai investors and harming Recurrent.ai's interests for personal gain. The letter also alleged that servers containing key LLM data were transferred without authorization from Recurrent.ai to a Moonshot AI subsidiary in April 2023, while other critical data was deleted in September 2024 under Zhang Yutao's instructions. Recurrent.ai and its investors are also considering separate legal action in the Cayman Islands against Moonshot AI President Zhang Yutong. Sources said the disputes are not expected to jeopardize Moonshot AI's IPO plans, but unresolved disputes with Recurrent.ai could raise governance, equity ownership and disclosure concerns for potential investors and complicate the listing process. ~ AASTOCKS Financial News Website: www.aastocks.com | |