Chinese TikTok rival Kuaishou nearly triples on Hong Kong debut ...Qatar

Shares in Chinese video app company Kuaishou almost tripled on their Hong Kong debut Friday, following a $5.4 billion initial public offering for the TikTok rival that was the biggest for an internet firm in nearly two years. Its outstanding debut comes despite a crackdown by China on tech firms in recent months and will be a sign of encouragement to TikTok owner ByteDance, which is said to be planning its own listing. The firm -- among China's most popular short video platforms -- soared to HK$338 at the open, from an IPO price of HK$115, valuing it at about $180 billion. It ended the day at HK$300. The Kuaishou app -- which means "quick hands" -- has more than 260 million daily active use

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Last updated : 05 February 2021 clock 04:16 PM

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