China’s TikTok competitor Kuaishou, backed by Tencent, hires investment banks for a Hong Kong IPO
- Tencent-backed Kuaishou’s IPO is likely early next year, sources say
- Daily users of the short video-sharing app jumped to 170 million in the first half of the year, from 100 million at the end of December
China’s TikTok competitor Kuaishou Technology is preparing an initial public offering in Hong Kong likely early next year, according to people familiar with its plans.
It has raised a total of US$4.4 billion in funding over eight rounds, according to data provider Crunchbase, the latest of which was in January. Other investors in Kuaishou include Sequoia Capital China, Baidu, DCM Ventures and Morningside Venture Capital.
03:07
Stop offering ‘untrusted’ Chinese apps like TikTok and WeChat, Washington urges US tech companies
Its IPO plans comes as the Trump administration has told its rival ByteDance to sell TikTok’s US operations or shut down in the United States. Oracle Corp has won the race to secure TikTok’s American operations, according to multiple reports.