Moonshot is preparing a Hong Kong IPO while Washington already accuses it of using restricted Nvidia hardware, so new evidence of B300 access inside China raises its regulatory exposure.
Moonshot AI’s main operating company was named in August as the customer for 32 Super Micro servers fitted with Nvidia’s B300 chips and stored in western China, according to financing records reviewed by Bloomberg. The filings valued the servers at RMB432 million (US$64.8 million). Moonshot, the Beijing developer of the Kimi models, disputes the documents, and references to the company disappeared from the records after Bloomberg asked about them.
Bloomberg’s report, as republished by Yahoo Finance, places the B300, Nvidia’s most advanced AI accelerator, inside China. US rules bar sales of these chips to China without an explicit license, and Bloomberg could not determine whether anyone had obtained one. The servers are stored in Qingyang, which Taiwan’s Cnyes described as one of China’s eight national computing hubs.
The report arrives while Moonshot prepares a Hong Kong listing that Cnyes said is planned for early next year. The documents leave two things unanswered: who actually used the machines, and how the hardware entered China.
A bank loan to a drone distributor carried Moonshot’s name
The paperwork is a pair of financing contracts signed on August 4 between Lingmeixin (Beijing) Technology, which owns the servers, and Beijing Zhongguancun Bank, which lent against them. According to Bloomberg, the bank submitted the contracts on August 6 to a database maintained by a credit agency under the People’s Bank of China. Lingmeixin borrowed RMB200 million to buy the servers. It pledged two forms of security: the servers themselves, and RMB345.6 million in earnings from a service contract with Beijing Dark Side of the Moon Technology, Moonshot’s main entity.
Lingmeixin’s own website lists it as a distributor of DJI drones. Bloomberg reported that its listed partners include two state aerospace groups involved in China’s missile program and subject to US restrictions, which Cnyes identified as CASIC and CASC. Lingmeixin bought the servers from a recently formed subsidiary of Beijing Chunju Technology, a liquor e-commerce company that has moved into AI. The filings do not explain how Chunju acquired them.
In a statement quoted by Bloomberg, Lingmeixin said Moonshot "only has right to use the compute service, with no ownership of the equipment." Moonshot gave a flatly different account: "We currently have no business relationship with Lingmeixin," a spokesperson said, adding that the company "neither participated in nor authorized the related financing or guarantee arrangements, and had no knowledge of them." Taiwan’s Central News Agency reported that Bloomberg requested comment on November 3, after which the Moonshot references were no longer visible in the database.
The price points to a scarce, unofficial supply
The financing filings valued the 32 Nvidia B300 servers at RMB432 million, implying about RMB13.5 million each, which Bloomberg calculated is roughly 350% above the US going rate. Bloomberg said the premium may indicate a black market. Pricing data from earlier in the year gives a reference point: Reuters reported in April, in a story carried by The Standard, that a B300 server cost about RMB7 million in China, nearly double the level of late 2025, compared with about US$550,000 in the United States.
Both US companies distanced themselves from the deal. Nvidia said the entities involved "are not Nvidia customers" and that it provides them no replacement products, service or support. Super Micro said it does not do business with them and is committed to complying with US export controls. Bloomberg noted that using a service contract as loan collateral is a common structure among AI data center developers.
The allegation adds to an existing record. The White House Office of Science and Technology Policy has accused Moonshot of using restricted Nvidia hardware to train Kimi K3, an accusation EastFrontier covered in August. TheNextWeb cited SemiAnalysis estimates that hundreds of thousands of restricted chips have already reached China.
Export-control scrutiny now reaches Moonshot’s listing plans
The open questions are factual ones that only the parties or regulators can settle: whether the service contract with Moonshot’s entity existed in the form the bank recorded, whether the servers were ever used for Kimi, and whether any export license covered the hardware.
For Moonshot, the timing is awkward. Investors weighing its planned Hong Kong listing will set the filings, and the company’s denial, alongside the earlier White House accusation when they assess where its computing power comes from. A response from the US Commerce Department, or a clarification from Beijing Zhongguancun Bank about why the Moonshot references were removed from the credit database, would be the clearest next signals on whether the August contracts stand as filed.