Tencent-backed short video app Kuaishou Technology to file for Hong Kong IPO within two weeks, say people familiar

Tencent-backed Kuaishou Technology presses on with a Hong Kong listing, gearing up to file its listing application in the next two weeks, sources say

Valued at over US$30 billion, the company is targeting a listing early next year

Reading Time:2 minutes

Kuaishou’s stand at the 2020 China Digital Entertainment Expo & Conference (ChinaJoy) at Shanghai New International Expo Center on July 30, 2020. Photo: VCG via Getty Images)

Published: 6:00am, 29 Oct 2020Updated: 10:34pm, 29 Oct 2020

Chinese TikTok competitor Kuaishou Technology is preparing to file for an initial public offering on the Hong Kong stock exchange within the next two weeks, according to people familiar with its plans.

The Tencent-backed short video-sharing app is targeting a Hong Kong listing early next year. However, the company, which was valued at over US$30 billion in its last round of funding, has not yet decided on the size of its IPO, according to the people.

Local media has reported that Kuaishou has hired Morgan Stanley, China Renaissance and Bank of America as bankers for the deal. The banks were not immediately available for comment.

Founded in 2011, Beijing-based Kuaishou was initially launched as a tool for creating animated GIFs. Its founders restructured the business in 2013 into a short-form video social platform, which targeted users in lower-tier cities.

Daily live-streaming users on Kuaishou surged to 170 million during the first half of this year, from 100 million at the end of 2019. The increase was boosted by a rise in e-commerce activity and the vast number of original content published by its army of young creators.