Dark Side of the Moon Negotiates Settlement with Loop Intelligence, Claims Could Exceed $700 Million

Executives from Dark Side of the Moon are in talks with former company Loop Intelligence and its investors to reach a settlement, aiming to resolve nearly two years of arbitration disputes before an IPO in Hong Kong. The dispute involves founder Yang Zhilin and CTO Zhang Yutao, with Loop Intelligence and some investors accusing the two of establishing Dark Side of the Moon without authorization and providing false information. A lawyer's letter alleges that key data servers were unlawfully transferred and some data was deleted, while the shareholding arrangement of Dark Side of the Moon's president, Zhang Yutong, has also come under scrutiny. Yang Zhilin claims that the startup has obtained the necessary approvals, and the attorney representing him stated that the case lacks factual and legal basis. Loop Intelligence was allocated an initial 9.5% equity stake when Dark Side of the Moon was founded and is currently seeking compensation equivalent to 10.5% of Dark Side of the Moon's initial capital. Insiders estimate that the potential claim could exceed $700 million based on a valuation of $30 billion during Dark Side of the Moon's financing in June this year. Dark Side of the Moon has secretly submitted an IPO application in Hong Kong, and insiders believe that the dispute will not directly prevent the listing for now, but if unresolved, issues regarding equity ownership and information disclosure could become obstacles.

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