The equity structure of the domestic entity, Beijing Dark Side of the Moon Technology Co., Ltd., was finalized after its joint-stock reform on July 29. With a registered capital of 1.523585 million yuan, established on April 17, 2023, and regulated by the Haidian District authority in Beijing, it employs 233 insured staff and has 13 shareholders. Founder Yang Zhilin holds a controlling 51.8304% stake (with a subscribed capital of 789,680 yuan), while co-founders Zhou Xinyu, Wu Yuxin, and Zhang Yutao own 6.5635%, 3.9099%, and 3.331% respectively. Leading institutional investors include Shenzhen Hexie Growth Phase III Fund (11.7642%), Nanchang Hexie Anrui (4.6935%), Huayue Chuangzhi (Qingdao) (4.233%), and the Social Security Fund’s Yangtze River Delta Science and Technology Innovation Fund (4.0047%), a state-backed entity. These eight shareholders collectively hold about 90.3%, with the remaining five undisclosed. The founding team's natural person equity totals approximately 65.63%, and Yang Zhilin remains the single largest shareholder and actual controller.

A notable detail: Yang Zhilin's subscribed capital of 789,680 yuan has remained unchanged since the company's founding, but the registered capital has increased from 1 million yuan to 1.523585 million yuan through successive capital increases. This dilution reduces his stake from 78.968% to 51.83%, indicating he did not sell secondary shares for personal gain. The shareholder base spans five dimensions: the founding team, internet giants (Alibaba, Tencent, Meituan/Meituan Longzhu), top venture capital firms (Sequoia China, IDG, FiveYuan Capital, ZhenFund), industrial capital (Xiaohongshu, Jiuan Medical, etc.), and state-backed funds (Social Security Fund, China Mobile Industrial Fund, Beijing AI Industry Investment Fund, local guiding funds from Shanghai and Guizhou, and even People's Daily). This state-backed shareholder matrix mirrors the strategy of Z.ai, using state endorsement to secure regional market access and government-enterprise contracts.

Management changes include Yang Zhilin becoming Chairman and Manager, Zhou Xinyu moving from Manager to Director, Zhang Yutao remaining as Supervisor, Zhang Yutong adding as Director (previously appointed President in December 2025, overseeing strategy and commercialization), and Song Sijia joining as Financial Officer. The funding history shows early rounds: in 2023, two months after founding, an angel round raised over $200 million at a $300 million valuation, with Sequoia China and ZhenFund participating. In February 2024, Alibaba led a Series A+ round (over $1 billion), pushing the valuation to $2.5 billion. By August 2024, a Series B round of over $300 million brought the valuation to $3.3 billion. After a year-long slowdown, in late 2025, a $500 million Series C saw the valuation at only $4.3 billion, with founder Yang Zhilin stating internally, "No rush to go public."

However, from early 2026, the pace changed dramatically: three consecutive rounds in January and February ($500 million, $700 million, and $700 million) pushed the valuation from $10 billion to $18 billion. A May Series D of about $2 billion broke the $20 billion mark. In June, a new round launched with a pre-money valuation of $31.5 billion, originally scheduled for late July closing. The launch of Kimi K3 on July 17 (2.8 trillion parameters, topping Hugging Face) ignited this round, with subscriptions exceeding the target by three times. The Series F closed early on July 29, raising over $3.5 billion at a post-money valuation of $35 billion. The planned Series G (Pre-IPO round) was also moved forward, with a pre-money valuation reaching $50 billion, a 10x increase in under a year. The company is now distributing shareholder resolutions, dismantling its VIE structure, and negotiating with Goldman Sachs and CICC for underwriting, targeting a Hong Kong IPO as early as early 2027.

Regarding who can secure shares, insights from Caijing and two official statements reveal a dual reality. Legitimate access is through internal company channels for institutional investors: existing shareholders increasing their stakes (Alibaba, Tencent, and FiveYuan Capital have committed over $700 million in initial follow-on investments) and the expanding state-backed lineup (Social Security Fund, China Mobile Industrial Fund, local guiding funds from Shanghai and Guizhou, People's Daily, and even the National AI Industry Investment Fund). These are strategic partnerships, not requiring "grabbing," as the company actively invites them. Conversely, shares sold by intermediary channels are largely unreliable. A Caijing source noted a telling detail: when the June round launched, interest was lukewarm, with "shares allocated to channels going unsold for days." Only after the K3 launch did demand surge, indicating that many secondary shares circulating are speculative products, not from the company's official channels.

This is the backdrop for the August 14 escalation to criminal reports: the June statement was merely a "clarification and warning," but two months later, it became "confirmed illegal activities, has been reported." For ordinary investors, the official stance is clear: there are no "friend funds," "secondary shares," or "official agents." New share allocations are based solely on actual capital received, without pre-locking or requiring proof of assets. Anyone claiming otherwise is likely running a scam. With Z.ai and MiniMax already listed, and DeepSeek's first round closed to foreign investors, the scarcity of available top-tier AI assets in the market creates fertile ground for "internal allocation" fraud schemes.