The short-video mania continues. Kuaishou Technology has received approval from the Hong Kong stock exchange for its USD 5b IPO.
The app’s reported revenue climbed 48% to CNY 25.3b (USD 3.8b) in the first half of 2020, underlining China’s short-video market’s persistent growth. Kuaishou, which means “fast hand” in Chinese, plans its IPO debut in Hong Kong as soon as next week.
At USD 5b, Kuaishou’s IPO is Hong Kong’s biggest IPO since Anheuser-Busch InBev SA’s Asian unit, which raised USD 5.8b in 2019. The company is eyeing a valuation of USD 50b.
With this move, the video-sharing startup could win the race against key rival ByteDance, owner of the apps TikTok and Douyin. Get ready for a real duel of dances and lip-syncing!