China’s Kuaishou Launches Biggest Tech IPO Since Alibaba’s Aborted Ant Listing

China’s Kuaishou Launches Biggest Tech IPO Since Alibaba’s Aborted Ant Listing

Kuaishou is gearing up to list at the Hong Kong Stock Exchange on Feb. 5. Photographer: Roy ... [+] Liu/Bloomberg



© 2020 Bloomberg Finance LP

Kuaishou, one of China's online social media titans, has launched the country's biggest IPO since Alibaba Group's aborted listing of its financial services arm Ant Group in November.

Kuaishou, most popular for short-form videos, is looking to sell 365.2 million shares at up to HK$115 a share, raising HK$42 billion, or $5.4 billion.  Main shareholders include co-founders Su Hua, the CEO,  and Chen Yixiao, the chief product officer – both already billionaires – as well as China Internet heavyweight Tencent, along with funds associated with Morningside, DCM and DST.

In the nine months ended Sept. 30, Kuaishou attracted 305 million daily average users and 769 million monthly average users of its apps and mini programs. Users on the popular platform spent an average of more than 86 minutes per day on the Kuaishou App and accessed the app more than 10 times a day, according to iResearch figures in the prospectus.   The company has tapped into the huge popularity of short-form video in China. Mobile internet users in China