Kuaishou Nearly Triples In Biggest Technology IPO Since Uber!

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Kuaishou Technology, the operator of China's most popular short-video service ByteDance Ltd's Douyin, jumped 162% in its Hong Kong debut after a $5.4 billion initial public offering that attracted hundreds of billions of dollar of orders. 

The shares closed at HK$300 after rising to as high as HK$345, compared with the IPO price of HK$115, valuing the Tencent Holdings Ltd.-backed firm at $159 billion. The company sold shares at the top of its price range in a deal that ranks as the world’s biggest internet IPO since Uber Technologies Inc.’s $8.1 billion U.S. share sale in May 2019.

That spectacular rise confers on Kuaishou a price tag nearing TikTok’s parent ByteDance -- which last sought funds at a $182 billion valuation -- and ushers the nine-year-old video app into the ranks of China’s largest tech corporations. Once known for peddling quirky depictions of rural Chinese life, Kuaishou cements its place among a generation of mega-startups like food delivery giant Meituan and ride-hailing leader Didi Chuxing that grew up in the years after Alibaba Group Holding Ltd. and Tencent.

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