The long-stalled arbitration case involving Moonshot, an AI startup, has moved forward without a settlement. Both parties, including Moonshot’s founders and former investors from Recurrent AI, made payments to the Hong Kong International Arbitration Centre by late January and late February, respectively. The tribunal has been formed. A key figure, Zhang Yutong, may face separate legal action over allegations of violating fiduciary duties. Despite Yang Zhilin’s offer to relinquish some shares, the amount fell short of investors’ expectations. The case centers on allegations that Yang and his team launched Kimi without obtaining necessary waivers from previous investors. Moonshot’s success, including a valuation of $3 billion, has been overshadowed by these legal disputes. The company’s advancements in AI models have also been overshadowed by the emergence of DeepSeek, a new competitor affecting the industry’s valuation landscape. For both parties involved, the legal outcome is seen as more conclusive than public opinion.
[36Kr, in Chinese]
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