Chinese short-video app operator Kuaishou Technology will raise $5.4 billion from its Hong Kong listing, hitting its maximum fundraising target after meeting strong investor demand.
The initial public offering is set to be the world’s largest in more than a year, and will value the company at nearly $61 billion. Kuaishou, which is backed by
Tencent Holdings Ltd.
, competes with ByteDance Ltd., the Chinese company behind TikTok and its sister app Douyin.
Both companies have fed growing demand from younger Chinese people to watch and record short videos on their smartphones. Kuaishou’s namesake short-video platform is the world’s second largest, according to data cited in its prospectus, and its services in China had 305 million average daily active users in the nine months ended September.
Kuaishou, or “fast hand” in Chinese, will sell stock at 115 Hong Kong dollars (US$14.80) a share, the top of an