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TikTok Rival Kuaishou's Stock Soars in Hong Kong Market Debut

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hollywoodreporter.com
hollywoodreporter.comhollywoodreporter.com:

Shares of KuaishouTechnology, China’s second-most popular short-form video app behind TikTok owner ByteDance, rocketed nearly 300 percent Friday in their debut on the Hong Kong stock exchange.

Shortly after the opening bell, the stock was selling at more than HK$330, nearly triple the initial public offering list price of HK$115 and valuing the company at $179 billion.

The firm, which is backed by Chinese technology giant Tencent, raised $5.4 billion in the market debut, making its IPO the biggest since Uber’s $8.1 billion share sale in 2019.

Launched in 2012 as an app for making and sharing GIFs, Kuaishou grew into a short-form video behemoth and later added a vibrant live-streaming service.

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