SITUATION EXPLAINED: Moonshot filed confidentially for a Hong Kong IPO. • Reuters has since confirmed it. Moonshot is targeting a $3 billion raise, working with Goldman Sachs, CICC, and Deutsche Bank • It's valued at $50 billion in an ongoing round, up from $4.3 billion at the end of 2025, $20 billion in May, and $35 billion in July • ARR passed $100 million in early March and exceeded $300 million by mid-June • It had to unwind its offshore structure and move to onshore China domicile before…