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TikTok rival’s $5.4 billion IPO draws big investor following
The initial public offering is set to be the world’s largest in more than a year, and will value the company at nearly $61 billion. Kuaishou, which is backed by Tencent Holdings Ltd., competes with ByteDance Ltd., the Chinese company behind TikTok and its sister app Douyin.
(AP)
Joanne Chiu,
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Chinese short-video app operator Kuaishou Technology will raise $5.4 billion from its Hong Kong listing, hitting its maximum fundraising target after meeting strong investor demand.
The initial public offering is set to be the world’s largest in more than a year, and will value the company at nearly $61 billion. Kuaishou, which is backed by Tencent Holdings Ltd., competes with ByteDance Ltd., the Chinese company behind TikTok and its sister app Douyin.