Billionaire who missed out on TikTok is trying to beat it

If you can't join them, beat them: Kuaishou Technology's founder is aiming to beat TikTok, which he failed to acquire when it was still in its fledgling stage. — REUTERS

In 2017, Su Hua, the founder of a Chinese startup called Kuaishou Technology, was on the verge of closing the biggest deal of his career – the acquisition of a fledgling video service that would become TikTok. But arch-rival ByteDance Ltd. swooped in with a better offer, and Su missed out on what has become a global sensation.

Now, the 38-year-old entrepreneur is getting some payback. In February, Kuaishou went public in Hong Kong, raising more than US$5bil (RM21.14bil) on the strength of its booming video and commerce operations.