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China’s love of TikTok-style applications provides a $ 5 billion IPO

Kuaishou Technology is focusing on the world’s largest initial public offering in more than a year, seeking to raise about $ 5 billion from stock sales in Hong Kong as short video and live streaming apps grow in popularity in China. .

Kuaishou – which competes with ByteDance Ltd., the rival Chinese company behind TikTok and its sister application Douyin – began accepting orders for investors on Monday. With a proposal that could value it at more than $ 60 billion, Kuaishou joins a series of technology companies from China that are listed in Hong Kong.

Kuaishou, which means “quick hand” in Chinese, is supported by Tencent Holdings Ltd. He is the co-founder of Su Hua and Cheng Yixiao, software engineers who previously worked for Google China and Hewlett Packard, respectively.

Both Kuaishou and ByteDance have taken advantage of the growing demand from younger Chinese to watch and record short videos on their smartphones. Its short video platform is the second largest in the world, according to the data quoted in its prospectus, and the average daily active users of its applications and mini-programs are 305 million in China for the nine months to September.

With a minimum deal size of $ 4.95 billion, the IPO will be the largest in the world since the end of 201

9, when state-controlled Saudi Arabian Oil Co., known as Aramco, raised $ 29.4 billion. show Dealogic data.

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