The Dark Side of the Moon's Hong Kong IPO is one step away, but Overseas Shareholder Repatriation Poses a Challenge

According to Interfax Beating monitoring, the Dark Side of the Moon's Hong Kong IPO is still restructuring its ownership. The company is dismantling its red-chip structure used for overseas financing, but there is no final decision on how overseas investors' shares will be transferred back onshore.

Currently, there are two main proposals. Overseas investors can either establish a new onshore entity to hold shares or sell their offshore shares first and then subscribe to onshore shares again. Both proposals involve approvals, tax implications, and renegotiations, making it difficult to complete in the short term.

Meanwhile, state-owned shareholders are increasing. The latest list of shareholders includes the National Artificial Intelligence Industry Investment Fund, the National Social Security Fund, local government guidance funds from Shanghai and Guizhou, and investment entities related to People's Daily.

As a result, the listing date has not yet been set. The Financial Times cited sources familiar with the matter, saying it is more likely to be postponed until next year. The Dark Side of the Moon had previously denied the rumors of "submitting a Hong Kong IPO application in August and raising about $3 billion." However, what was denied was this specific timetable and fundraising amount, as the company continues to proceed with its listing preparations.