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Doris Yu · · 1 min readTikTok rival Kuaishou reportedly seeks to raise $5b in Hong Kong IPO
Founded in 2011, the app is backed by Tencent Holdings, Sequoia Capital China, and Temasek Holdings, among others. It is targeting a valuation of over US$50 billion, the people said. The company was valued at close to US$3o billion after it raised US$3 billion late last year in a pre-IPO round led by Tencent, said two sources.
The company operates Kuaishou in its home country as well as Kwai and Zynn in the global market. As of June, Kuaishou had 430 million monthly active users, according to researcher CBNData.
The move comes after its rival TikTok is facing a global backlash – most prominently in the US – over security concerns.
Another Chinese fintech company, Ant Group, is also planning to do a dual listing in Hong Kong and Shanghai and is aiming to raise as much as US$30 billion.
Editing by Jaclyn Teng
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