Kuaishou soars 160% on HK debut, becomes China's fifth-largest listed Internet firm

[TaiShang]

Kuaishou soars 160% on HK debut, becomes China's fifth-largest listed Internet firm - CnTechPost

Chinese short-video and live-streaming platform Kuaishou Technology (1024.HK) went public in Hong Kong on Feburary 5, opening at HK$338, up 193 percent from its offering price.

cntechpost.com

Chinese short-video and live-streaming platform Kuaishou Technology (1024.HK) went public in Hong Kong on Feburary 5, opening at HK$338, up 193 percent from its offering price.

As of press time, the stock was up 167 percent to trade at HK$307.2. Its value was HK$1.26 trillion (US$162 billion), surpassing JD.com's market value (US$147 billion) and making it the fifth largest listed company among Chinese Internet companies.

(Source: Futu)

Kuaishou held a small ceremony at its headquarters in Beijing. A total of six Kuaishou users were invited to strike the bell to announce Kuaishou's official listing and trading, and Kuaishou Technology's board members and senior management also attended the listing ceremony.

There is a special meaning behind Kuaishou's choice of 1024 as the listed stock code. Kuaishou's co-founder, chairman and CEO Su Hua said, "1024 is 2 to the tenth power, which represents lines of code, the power of technology, and advanced productivity."


The prospectus published by Kuaishou shows that as of September 30 2020, the average daily active users of Kuaishou's Chinese apps and applets had reached 305 million, and the average monthly active users reached 769 million.

At the same time, the total number of the pairs of Kuaishou community that follows each other exceeded 9 billion, the average daily usage time of daily active users reached 86 minutes, content creators accounted for about 26% of the average monthly active users, and the number of likes on short videos and live broadcasts exceeded 2.2 trillion.

As of the first 11 months of 2020, Kuaishou's total revenue reached RMB 52.5 billion, with revenue of RMB 15.4 billion in a single quarter in the third quarter of 2021, equivalent to 60.7% of revenue for the entire first half of the year.

Online marketing services' share of total revenue accounted for the fastest growth rate, rising from 4.7% in 2017 all the way to 8.2% in 2018, 19.0% in 2019 and 32.8% in the first three quarters of 2020.


In addition to online marketing services, Kuaishou's e-commerce GMV has reached RMB 332.6 billion as of November 30 last year, more than five times GMV of the full-year 2019.