Chinese short video giant Kuaishou is preparing to raise $5bn in a Hong Kong listing, according to several people familiar with the situation, as its main rival ByteDance struggles to resolve US and Indian threats to its TikTok app.
Beijing-based Kuaishou, founded nine years ago, was once the leading short video app in China but was eventually overtaken by ByteDance’s Douyin, the Chinese version of TikTok.
The deal, which is likely to come in the first quarter of next year, will value Kuaishou at about $50bn, double the value at its last big fund raise “but reasonable enough to give [new] investors plenty of upside”, said one existing shareholder.
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