ByteDance rival Kuaishou aims to raise up to US$5 billion in Hong Kong IPO - sources

ByteDance rival Kuaishou aims to raise up to US$5 billion in Hong Kong IPO - sources

Chinese online short video start-up Kuaishou aims to raise up to US$5 billion in a Hong Kong initial public offering (IPO) as early as January, people with direct knowledge of the matter told Reuters, for the city's latest multibillion-dollar tech float.

FILE PHOTO: A screen showing footage of a military parade is seen at a booth of Chinese video-strea
FILE PHOTO: A screen showing footage of a military parade is seen at a booth of Chinese video-streaming startup Kuaishou at the 2020 China International Fair for Trade in Services (CIFTIS) in Beijing, China, Sept. 4, 2020. REUTERS/Tingshu Wang/File Photo

HONG KONG: Chinese online short video start-up Kuaishou aims to raise up to US$5 billion in a Hong Kong initial public offering (IPO) as early as January, people with direct knowledge of the matter told Reuters, for the city's latest multibillion-dollar tech float.

The nine-year-old company, backed by social media and gaming giant Tencent Holdings Ltd, is targeting a valuation of over US$50 billion, said the people, requesting anonymity due to confidentiality constraints.

The plans come as rival ByteDance - operator of Douyin and overseas counterpart TikTok - has become a target of U.S. government concerns over data security.

Kuaishou has hired Bank of America, China Renaissance and Morgan Stanley to work on the IPO and is looking to file for the float as soon as the end of October, the people said.

The company and banks did not respond to requests for comment.

(Reporting by Julie Zhu and Kane Wu; Additional reporting by Yingzhi Yang; Editing by Christopher Cushing)

Source: Reuters

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