Kuaishou is planning to raise up to $5 billion in its Hong Kong initial public offering (IPO) as it targets a $50 billion valuation. Kuaishou has got the Bank of America and investment bank China Renaissance on board as sponsors for its IPO. In the previous phase of financing last year, Tencent invested $2 billion and Kuaishou raised $3 billion. At the time, the company was valued at $29 billion.
The short-form video platform has surged in popularity this year as the pandemic turned more people towards their phones. The Kuaishou app had 430 million monthly active users as of June this year, versus over 600 million on its main competitor Douyin.
Kuaishou also runs video apps Kwai and Zynn outside of the Chinese market. Zynn had a brief moment of fame earlier this year when it rushed to the top of app download charts in the US due to an attractive rewards system.
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