ByteDance’s Chief Rival Wins HKEX Nod for $5 Billion IPO
- Kuaishou Technology set to be one of year’s biggest listings
- Short video firm aims to go public before Lunar New Year
Kuaishou established its popularity among users in smaller cities and rural areas, with people streaming slices of everyday life from harvesting corn to slurping noodles.
Photographer: Qilai Shen/BloombergKuaishou Technology, the main rival to ByteDance Ltd., has received approval from the Hong Kong stock exchange for an initial public offering of about $5 billion, according to people familiar with the matter, paving the way for one of the city’s biggest listings of the year.
The Tencent Holdings Ltd.-backed short video startup plans to begin gauging demand for its IPO as soon as next week, one of the people said, asking not to be identified as the information isn’t public. Kuaishou is angling for a valuation of $50 billion, almost twice the recent estimate, Bloomberg News has reported.