TikTok Rival’s Stock More Than Doubles in Hong Kong Debut

The startup behind a TikTok-style video app rocketed in its Hong Kong market debut, in the latest demonstration of investor hunger for initial public offerings and for high-growth technology companies.

Shares in Kuaishou Technology more than doubled from their IPO price on Friday, implying a market value of about $159 billion, versus nearly $61 billion when the share sale was priced.

Kuaishou is backed by the Chinese tech giant

Tencent Holdings Ltd.

TCEHY 1.48%

and competes with ByteDance Ltd., the closely held Chinese firm behind TikTok and its domestic sister app, Douyin. The $5.4 billion initial public offering is the world’s largest in more than a year, according to Dealogic.

The offering is the latest in a string of hot IPOs in Hong Kong, many involving Chinese technology startups or other companies catering to China’s increasingly affluent consumers. Last year, for example, the bottled-water group

Nongfu Spring Co.


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