ByteDance’s Chief Rival Wins HKEX Nod for $5 Billion IPO

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Date: 18.01.2021

Kuaishou is a leading content community and social platform, boasting more than 200 million daily active users. Kuaishou serves to record and share videos taken by all users. “Authentic, Diverse, Beautiful and Beneficial” is their core value and everyone’s lives are worth recording.

Kuaishou Technology, the main rival to ByteDance Ltd., has received approval from the Hong Kong stock exchange for an initial public offering of about $5 billion, according to people familiar with the matter, paving the way for one of the city’s biggest listings of the year.

The Tencent Holdings Ltd.-backed short video startup plans to begin gauging demand for its IPO as soon as next week, one of the people said, asking not to be identified as the information isn’t public. Kuaishou is angling for a valuation of $50 billion, almost twice the recent estimate

Kuaishou, which means “fast hand” in Chinese, is set to win the race again.

Source: Bloomberg.com

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