Shares in Kuaishou nearly tripled on their first day of trading in Hong Kong, propelling the valuation of the Chinese streaming video platform to within touching distance of ByteDance, the owner of its chief rival TikTok.
The company’s stock opened 194 per cent higher in early trading on Friday at HK$338 (US$43.60), up from the initial public offering price of HK$115.
Kuaishou, which raised about $5.4bn in the biggest tech IPO since Uber, competes in China with ByteDance, the owner of TikTok and its Chinese sister app Douyin. ByteDance is also considering a listing this year for some of its businesses, according to two people directly familiar with the matter.
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