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TikTok Rival Tops $179B Market Cap After Shares Surge 160% In Blockbuster Debut

On Friday, the Chinese short-video app Kuaishou Technology “1024.HK” went public in Hong Kong and raised $5.4 billion in the largest tech IPO since Uber’s “UBER” in May 2019.

Kuaishou priced shares at the high price range HK $118 and shares opened at HK $338 valuing the company at $179 billion.

Kuaishou has 460 million Monthly Active Users and its three streams of income include cuts on streamer’s tips, advertisements, and E-commerce.

The stellar IPO of Kuaishou indicates investors’ appetite and opens the way for a potential IPO of Tik Tok’s owner ByteDance, which was last valued at $180 billion in a private round.

ByteDance is a China-based multinational internet technology company which owns Tik Tok and Douyin - among others.


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