Tencent-backed video-sharing app Kuaishou wins green light from Hong Kong to raise up to US$6 billion

HONG KONG, Jan 16 (SCMP): Beijing-based Kuaishou Technology, the world’s second-largest video-sharing app, has won the green light from Hong Kong to raise roughly US$5 billion to US$6 billion, potentially the city’s largest IPO in over a year, a person familiar with the matter said on Friday.

The company, in which Tencent Holdings, China’s largest games publisher, owns a 21.6 per cent stake, was cleared by the listing committee of the Hong Kong stock exchange on Thursday night. The nine-year-old company can now launch its premarketing road show before final pricing on January 28 or 29. Its shares are expected to start trading before the Lunar New Year holiday, which starts on February 12, several people familiar with the matter have said.