China's TikTok Competitor Kuaishou Lists in Hong Kong, Stock Price Soars 200% on First Day

Raised 6 Trillion Won Through IPO
China Estimated to Have 800 Million Short Video Users

[Asia Economy Beijing=Special Correspondent Jo Young-shin] Chinese short video service company Kuaishou successfully listed on the Hong Kong Stock Exchange on the 5th.

Kuaishou is a company that, along with Douyin (TikTok's Chinese service), dominates the Chinese short video market. Industry insiders estimate that the combined users of Douyin and Kuaishou have already exceeded 800 million.

According to Caixin and others on the 5th, Kuaishou secured a total of 42 billion Hong Kong dollars (approximately 6.08 trillion Korean won) through its initial public offering (IPO) completed the previous day. This is the second largest IPO in the history of the Hong Kong Stock Exchange, following Alibaba's secondary listing in November 2019, which raised 13 billion dollars.

The new share issuance price was 115 Hong Kong dollars, and 45.23% of the newly issued shares were allocated to the top 10 cornerstone investors, including the Singapore Investment Corporation.

On the day, Kuaishou's stock price surged up to 200%, reaching 345 Hong Kong dollars. During trading, Kuaishou's market capitalization exceeded 170 billion dollars (191 trillion Korean won).

Meanwhile, 1,423,000 individual investors applied for Kuaishou shares, resulting in a subscription ratio of 1,203 times, demonstrating its popularity. The subscription deposits paid by individual investors alone amounted to 1.27 trillion Hong Kong dollars (185 trillion Korean won).