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TikTok rival Kuaishou soars in Hong Kong IPO

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

Shares in Kuaishou Technology nearly tripled from their IPO price in early trading Friday, implying a market value of more than $160 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…



Source marketwatch.com

China video apps Kuaishou, Douyin become e-commerce sites like Alibaba

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