Kuaishou Technology stock jumped 161% in its Hong Kong Debut after a $5.4 billion initial public offering. According to Bloomberg, the Tencent-backed short-video startup sold shares at the top of its price range, in the world’s biggest internet IPO after Uber’s $8.1 billion in May 2019.
- Kuaishou shares closed at HK$300 after rising to as high as HK$345, up from the IPO price of HK$115, valuing the company at $159 billion.
- The rise in Kuaishou shares gives the company a price tag close to TikTok’s parent ByteDance, which last sought funds at a $180 billion valuation.
- The share growth ushers Kuaishou to the ranks of China’s largest tech corporations, with the debut performance second best globally after Alibaba.
- Kuaishou is among a generation of mega-startups that grew up in the years after Alibaba Group and Tencent.
- Kuaishou stock could be added to the Hang Seng China Enterprises Index later this month if its market value ranks among the gauge’s ten highest as of Friday’s close.
- Analysts project further demand for growth tech firms and expect their IPOs to attract premiums on share price trading.
Kuaishou stock closed up 160.87%