TikTok Competitor Chinese Company to List on Hong Kong Stock Exchange as Early as January Next Year
[Asia Economy Reporter Kiho Sung] Kuaishou, a Chinese startup that provides video sharing services like TikTok, is reportedly planning to be listed on the Hong Kong Stock Exchange as early as January next year.
According to foreign media on the 17th, Kuaishou's fundraising target is set at up to $5 billion (approximately 5.8675 trillion KRW).
Founded nine years ago, Kuaishou has received support from Tencent, a Chinese social media and mobile gaming company, and operates video apps under the names Kwai in China and Zynn overseas.
This IPO plan by Kuaishou comes amid pressure from the U.S. government on ByteDance, the operator of TikTok, a competing company.
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Sources reported that Kuaishou has appointed Bank of America (BOA) and Morgan Stanley, American investment banks, along with Chinese investment bank Huaxing Capital as lead underwriters for the IPO.
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