TikTok rival Kuaishou nearly triples on HK debut

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Hong Kong

Shares in video app company Kuaishou almost tripled on their Hong Kong debut Friday, following a $5.4 billion initial public offering for the TikTok rival that was the biggest for an internet firm in nearly two years.

Its outstanding debut comes despite a crackdown by China on tech firms in recent months and will be a sign of encouragement to TikTok owner ByteDance, which is said to be planning its own listing. The firm among China’s most popular short video platforms soared to HK$338 at the open, from an IPO price of HK$115, valuing it at about $180 billion.—AFP