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| Chinese TikTok rival Kuaishou share price nearly triples in IPO debut | Chinese TikTok rival Kuaishou share price nearly triples in IPO debut |
| (7 months later) | |
| Shares in the Chinese short video app Kuaishou almost tripled on their Hong Kong debut on Friday, surging to HK$338 ($43.60) upon opening, from an IPO price of HK$115 ($14.80). | Shares in the Chinese short video app Kuaishou almost tripled on their Hong Kong debut on Friday, surging to HK$338 ($43.60) upon opening, from an IPO price of HK$115 ($14.80). |
| The stock later slipped from those highs but still ended the day over 160 percent higher, closing at HK$300 ($38.60) a share. | The stock later slipped from those highs but still ended the day over 160 percent higher, closing at HK$300 ($38.60) a share. |
| The tech company raised HK$41.28 billion ($5.32 billion) from the initial public offering (IPO), which was the biggest for an internet firm since 2019. | The tech company raised HK$41.28 billion ($5.32 billion) from the initial public offering (IPO), which was the biggest for an internet firm since 2019. |
| In the documents tendered to the Hong Kong stock exchange, Kuaishou said it aimed to be “the most customer-obsessed company in the world.” | In the documents tendered to the Hong Kong stock exchange, Kuaishou said it aimed to be “the most customer-obsessed company in the world.” |
| Kuaishou, which employs almost 20,000 people, has a massive user base in China and competes with ByteDance’s TikTok. According to the firm, 305 million daily active users spend over 86 minutes a day on the platform on average. Its revenue rose from 8.3 billion yuan ($1.28 billion) in 2017 to 40.7 billion yuan ($6.3 billion) in the nine months ended September 2020. | Kuaishou, which employs almost 20,000 people, has a massive user base in China and competes with ByteDance’s TikTok. According to the firm, 305 million daily active users spend over 86 minutes a day on the platform on average. Its revenue rose from 8.3 billion yuan ($1.28 billion) in 2017 to 40.7 billion yuan ($6.3 billion) in the nine months ended September 2020. |
| The company, which started out in 2011 as a platform sharing GIFs (animated images), has since expanded into short videos and livestreaming. It is also pushing into new areas such as e-commerce. | The company, which started out in 2011 as a platform sharing GIFs (animated images), has since expanded into short videos and livestreaming. It is also pushing into new areas such as e-commerce. |
| For more stories on economy & finance visit RT's business section | For more stories on economy & finance visit RT's business section |
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