Quick sync on the rules for Gate's third round of Pre-IPOs: Moonshot AI (KIMI). The biggest difference this time is the addition of a dedicated trading market. KIMI is a mirrored note tracking the enterprise value of the dark side of the moon, not actual stocks. Subscription opens on August 11 at 15:00, supporting USDT and GUSD, with a minimum subscription of 10,000. Allocation is based on the 48-hour average locked amount, with earlier participation getting higher weight. During the GUSD subscription period, you can still enjoy a 3.8% holding yield. KIMI will be 100% distributed on August 17 and trading will open about a month later. Holdings can be transferred and principal recovered, but profits generated before the IPO will remain locked. Trading fees are Maker 0.5% and Taker 1.5%, with a 20% carry fee on profits. If the underlying asset triggers a refund cancellation, all profits, losses, and fees from secondary trading will be rolled back.