Kuaishou, a China technology company that competes with the Chinese version of TikTok is preparing its initial public offering. The IPO is expected to be the world’s largest IPO since the COVID-19 pandemic began.
The stock market of this China technology company
According to CNN Business, Kuaishou is seeking to raise as much as $6.2 billion in a stock market listing in Hong Kong.
This China technology company plans to issue about 365 shares priced between 105 and 115 Hong Kong dollars. At the top of that range, it would raise 42 billion Hong Kong dollars, or $5.4 billion. Issuing more shares in an over-allotment option could bring its haul to $6.2 billion.
As a result, it puts Kuaishou on track to become the largest IPO since the records of Saudi Aramco in December 2019.
Information about this China technology company
Kuaishou is an app where users can film short-form videos and live stream their content. This app gets most of its revenue from the live-streaming business as users can buy virtual items and present them as gifts to their favourite hosts. According to a prospectus filed to the Hong Kong Stock Exchange, live-streaming transactions accounted for 84% revenue in 2019. The company plans to price its share by the end of this week and list them on February 5.
Kuaishou is backed by Chinese social media and the gaming giant, Tencent. It has an average of 264 million daily active users for the 11 months through November. Even so, that is still far short from the industry leader ByteDance. The company Douyin app, the Chinese version of TikTok had more than 600 active daily users in August.
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