Tencent-backed app company Kuaishou Technology targeted raising HKD41.9 billion ($5.4 billion) from an IPO set to take place later this week, South China Morning Post reported.
The China-based company’s flagship Kuaishou app provides a platform to share short-form videos and competes directly with ByteDance’s Douyin, the Chinese version of TikTok.
In its IPO prospectus, the company said it was the world’s second-largest short video platform by daily average users (DAU) for the six months ended June 2020. In China alone, the company said it had 302 million DAUs during the period, with an average user spending more than 85 minutes a day on the platform.
It also operates in several other countries under the Kwai brand: this was one of the Chinese apps banned by India [1] alongside TikTok in 2020.
The bumper listing is set to take place on the Hong Kong Stock Exchange later this week with shares beginning public trading on 7 February, the newspaper reported. If the listing is oversubscribed and additional equity is released, SCMP estimated it could raise an additional HKD6.2 billion.
[1] https://www.mobileworldlive.com/apps/news-apps/india-expands-china-app-curb
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