Kuaishou today (January 26) submitted its final prospectus for its IPO which is scheduled to go ahead on February 5, a week before Chinese New Year. Kuaishou first released documentation about its IPO on November 5, 2020, and followed with its second prospectus on January 15.
The company aims to raise up to $6.3 billion for its Hong Kong IPO which could value the company at $61.7 billion. This would mark the largest IPO in the tech sector since Uber’s listing in 2019 and would make it the highest-value listing since before the pandemic.
Kuaishou is a short-form video platform which is a rival of TikTok’s Chinese counterpart Douyin. As of September 30, 2020, Kuaishou had 305 million average daily active users and 769 million monthly users. Daily users spent more than 86 minutes on the platform and visited it more than 10 times a day.
According to iResearch, Kuaishou’s content community ranks top among China’s video-based social platforms. As of September 30, 2020, content creators accounted for approximately 26% of average monthly users.
The platform’s e-commerce sales reached 332.6 billion RMB in November 2020, which was over five times that of 2019.
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