Kuaishou: China s $160 Bn Livestreaming App For Ordinary People By Beiyi SEOW
02/08/21 AT 3:05 AM
On Lu Kaigang s feed, sheets of tarp are transformed into haute couture as China s mountainous backdrop becomes his catwalk, a 22-year-old villager sashaying to fame via a video-sharing app for the everyman Kuaishou.
Lu is one of hundreds of millions of users uploading short clips to the app, which propelled its parent company to a $5.4 billion initial public offering last week.
But while its competitor Douyin the Chinese version of TikTok is famed for trendy and typically urban influencers, Kuaishou reaches a different demographic, lassoing in migrant workers and rural Chinese.
The Straits Times
TikTok rival Kuaishou nearly triples in biggest tech IPO since Uber
If the gains hold, that would give Kuaishou the second-best debut ever for an IPO over US$1 billion in the world.PHOTO: REUTERS
PublishedFeb 5, 2021, 11:30 am SGT
https://str.sg/JrYp
They can read the article in full after signing up for a free account.
Share link:
Or share via:
Sign up or log in to read this article in full
Sign up
All done! This article is now fully available for you
Read now
Get unlimited access to all stories at $0.99/month for the first 3 months.
Kuaishou Surges 161% In Biggest Technology IPO Since Uber
Bloomberg 2/5/2021 Chloe Lo, Julia Fioretti and Ishika Mookerjee
(Bloomberg) Kuaishou Technology, the operator of China’s most popular short-video service after ByteDance Ltd.’s Douyin, jumped 161% in its Hong Kong debut after a $5.4 billion initial public offering that attracted hundreds of billions of dollars of orders.
The shares closed at HK$300 after rising to as high as HK$345, compared with the IPO price of HK$115, valuing the Tencent Holdings Ltd.-backed firm at $159 billion. The company sold shares at the top of its price range in a deal that ranks as the world’s biggest internet IPO since Uber Technologies Inc.’s $8.1 billion U.S. share sale in May 2019.
TikTok Competitor Kuaishou Sees Shares Triple in Debut With its listing in Hong Kong, Kuaishou Technology has beaten short-video competitor ByteDance to the punch in selling shares to a demanding public
Chinese companies are consistently undervalued when they go public. That s clearly the case with the highly sought-after market debut in Hong Kong of short-video app Kuaishou Technology HK:1024.
The company, a competitor to TikTok, saw its shares leap to HK$337 at the open of trading Friday and crest at HK$345, a gain of 200%. The shares fell back slightly from that phenomenal start but still closed at HK$300.
The Beijing-based company raised HK$41.0 billion (US$5.3 billion) with the initial public offering, pricing the top of its range at HK$115. That should rise to HK$47.0 billion (US$6.0 billion) if the overallotment is exercised in full, as seems likely given the high demand.