Seeking to raise nearly $ 5 billion from Hong Kong stock sales as a short-video and live-streaming app in terms of popularity in China, Kuishau Technology has its eyes on the world’s largest public offering in more than a year Has buried
Kuishau – which competes with ByteDance Ltd, the rival Chinese company behind Tiktok and its sister app Doyin – began taking investor orders on Monday. With this offering, which could cost more than $ 60 billion, Kuashio is joining Chinese tech companies that are listed in Hong Kong.
Kuaishou, which means “fast hand” in Chinese, is backed by Tencent Holdings Limited. It was co-founded by Soo Soo and Cheng Yixiao, software engineers who previously worked for Google China and Hewlett Packard respectively.
Both Kuaishou and ByteDance have capitalized on the growing demand for young Chinese people to watch and record short videos on their smartphones. The short-video platform under its name is the second largest in the world, according to figures cited in its prospectus, and had nine million average daily active users of its apps and mini-programs in China for nine months as of September.
With a minimum deal size of $ 4.95 billion, the IPO will be the largest in the world since late 2019, when the state-controlled Saudi Arabian Oil Company, commonly known as Aramco, claimed $ 29.4 billion, Dialogic figures show.