By Julie Zhu and Kane Wu
HONG KONG (Reuters) – Chinese online short video start-up Kuaishou aims to raise up to $5 billion in a Hong Kong initial public offering (IPO) as early as January, people with direct knowledge of the matter said, gearing up for the city’s latest multibillion-dollar tech float.
The nine-year-old company, backed by social media and gaming leader Tencent Holdings Ltd, is targeting a valuation of over $50 billion, the people told Reuters, requesting anonymity due to confidentiality constraints.
Kuaishou operates its eponymous app in China and overseas equivalents Kwai and Zynn. Its plans come as rival ByteDance – operator of Douyin at home and TikTok abroad – has become a target of U.S. government concern over data security.
Kuaishou has hired Bank of America, China Renaissance and Morgan Stanley …
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