Tencent-backed app company Kuaishou Technology unveiled plans to use funds raised in a $5.4 billion IPO to focus on mass entertainment content and software for its short-form video app.
In a statement announcing the commencement of trading in its shares on the Hong Kong Stock Exchange, Kuaishou Technology said it will focus on boosting its R&D and technology capabilities, investing in products and acquisitions, and moves to “enhance and expand the ecosystem”.
The company conducted its IPO on 29 January, with Bloomberg describing it as the biggest listing in the technology industry since Uber raised $8.1 billion in a listing on the New York Stock Exchange in May 2019.
Kuaishou Technology’s main domestic competitor ByteDance is also reportedly exploring options to go public [1], seeking a valuation of $180 billion from an IPO of the Chinese version of its popular social media app TikTok and other operations.
[1] https://www.mobileworldlive.com/apps/news-apps/bytedance-seeks-2b-before-hong-kong-ipo
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