TikTok Rival’s .4 Billion IPO Draws Big Investor Following

Chinese short video streaming provider Kuaishou Technology raises $5.4 billion The company raised $1 billion in its Hong Kong IPO, reaching its maximum fundraising target after responding to strong investor demand.

The IPO will be the world’s largest in more than a year, worth nearly $61 billion. Quaichu, the one behind

Tencent Holdings Ltd.

TCEHI -0.56%.

competes with ByteDance Ltd, the Chinese company behind TikTok, and its sister company App Douyin.

Both companies are driving the growing demand from young Chinese to watch and record short videos on their smartphones. The Kuaishou short film platform is the second largest in the world, according to the prospectus, and its services in China had an average of 305 million daily active users in the nine months ending in September.

Quaishou, or quick hand in Chinese, will sell shares at HK$115 ($14.80) per unit, capping a previous margin of HK$105 to HK$115, according to a fact sheet accessed by the Wall Street Journal on Saturday. His shares will trade from 5. February is a month of exchanges.

The IPO will help strengthen Hong Kong’s position as a market for large Chinese technology companies. In recent years, the city has secured IPOs from companies such as Meituan, a leading provider of food delivery and travel booking services, and a smartphone manufacturer.

Xiaomi Corp.

and secondary lists of companies listed in the United States, such as B.

Alibaba Group Holding Ltd.

и

JD.com Inc.

The shares of these companies have been rising: Meituan’s share has more than tripled in the past 12 months and Xiaomi’s has more than doubled in the same period. The technology-driven Hang Seng Index, launched last summer by Hang Seng Indexes Co, the compiler of the highly watched Hang Seng Index, has risen 32% in six months to close trading on Friday.

Quayshaw is also benefiting from a broader recovery in the IPO market, both in Hong Kong and abroad. Following its debut in Hong Kong’s hot market last year, the Chinese steam engine company has

Smoore International Holdings Ltd.

and a bottled water giant

Nongfu Spring Co.

As such, they are now worth a multiple of their value at the time of the IPO.

Units of measurement

Morgan Stanley,

Bank of America Corp.

и

China Renaissance Holdings Ltd.

are acting as co-sponsors of the Quaichu IPO. A group of ten leading investors backed the deal, pledging to buy $2.45 billion worth of shares at any price.

The green shoe option means the underwriters can eventually increase the size of the deal by 15% to $6.2 billion.

Email Joan Chiu at [email protected] and Quentin Webb at [email protected].

Copyright ©2020 Dow Jones & Company, Inc. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8

tiktok stock symbolwho owns tiktok stockuber stock price

You May Also Like

Haiti President’s Assassination: Live Updates

Presidential candidate Serge Duvalier died at a hospital in Port-au-Prince, Haiti on…

Atascadero Local Rebecca Berg Wins Big on Wheel Of Fortune •

ATASCADERO – Rebecca Berg, Atascadero resident, appeared on the popular national game…

Where Can I Travel for Spring Break? Consider the Sun Belt

Whatever you want to call the last three months of Dream-21, snowfall,…

Biden Meets World Leaders in Quest for More Covid-19 Vaccine

WASHINGTON President Biden and the leaders of Japan, India and Australia agreed…