• April 14, 2024

TikTok rival Kuaishou soars in Hong Kong IPO

The startup behind a TikTok-style video app skyrocketed when it debuted in Hong Kong, demonstrating investor hunger for IPOs and high-growth tech companies.

Kuaishou Technology’s shares nearly tripled from their early-day IPO, representing a market value of more than $ 160 billion, from nearly $ 61 billion at the time the shares were sold.

Kuaishou is backed by the Chinese tech giant Tencent Holdings GmbH. TCEHY 1.48% and competes with ByteDance Ltd., the closely managed Chinese company behind TikTok and its domestic sister app Douyin. The initial public offering of $ 5.4 billion is the largest in the world for more than a yearaccording to Dealogic.

The offering is the latest in a series of hot Hong Kong IPOs involving many Chinese tech startups or other companies serving China’s increasingly wealthy consumers. Last year, for example, the bottled water group Nongfu Spring Co.
9633, -2.26%
jumped on its market debut, while the failed double listing generated by Ant Group Co. in Shanghai and Hong Kong Trillion dollar demand.

On Friday morning, Kuaishou stock nearly tripled to Hong Kong $ 320.20 per share from an IPO price of HK $ 115, which equates to $ 14.80. The increase reflected a big jump in the gray market on Thursday afternoon.

An expanded version of this story can be found on WSJ.com

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