general_info_on Kuaishou

Who is Kuaishou?

Kuaishou Technology is the owner company of Kuaishou, a social community platform, and also the main competitor of TikTok. Designed to generate video and live content for the massive Chinese userbase, the company quickly became a leading content destination for users.

Kuaishou IPO statistics

Kuaishou announced its IPO in January, seeking to raise approximately $5 billion. With Bank of America, Morgan Stanley, and China Renaissance as underwriters, the Kuaishou group was set to rise to $6.3bn in a Hong Kong initial public offering on February 5th.

Kuaishou initially priced its shares at $13.55 - $14.84 but opened at $43.60 and closed the trading session at $38.70.

The first deal valued Kuaishou at up to $61.7bn, the highest valuation for a tech company since Uber went public in 2019. Moreover, it had the potential to be the largest IPO since Budweiser Brewing Company raised $5.75 billion in September 2019.

Kuaishou's listing was expected to raise between $4.9bn and $5.4bn, according to a term sheet seen by the Financial Times. The actual figures reached $5.32 billion, higher than expected.

What is Kuaishou's valuation?

Forbes estimated the company's market cap to be US$18 billion.

Basic info about Kuaishou

• Su Hua and Cheng Yixiao founded Kuaishou in 2011, based on previous software engineering experience at Google and Baidu.
• Kuaishou has also gained considerable popularity outside mainland China, being part of the Google Play and Apple App Store's "Most Downloaded" list in eight countries.
• In India, Kuaishou is known as Snack Video.
• It is often referred to as "Kwai" in overseas markets. Kuaishou is headquartered in the Haidian District, Beijing.

Sources: finance.yahoo.com, reuters.com