Short video app Kuaishou (HKEX: 1024) on Friday morning raised USD 5.3 billion in the biggest tech IPO since Uber, and the biggest public listing in Hong Kong, with its stock price almost tripling from HKD 115 to HKD 338.
The blockbuster IPO was more than 1,204 times oversubscribed by retail investors before trading started, according to 36Kr.
Kuaishou is one step ahead of main rival Douyin, ByteDance’s short video flagship product, which is reportedly eyeing a public listing on the same bourse later this year, 36Kr reported.
At a Beijing celebration event, co-founder and CEO Su Hua explained that the stock code 1024 was chosen as it represents strength: “Kuaishou hopes to use the power of science and technology to release greater energy in labor and creation, so that value creators can get greater returns,” said Su.
Read this: BIZ IN GRAPHICS | How Kuaishou and Douyin make a business out of short videos
This article is part of KrASIA’s “Key Stat” series, where KrASIA picks and presents the most significant figures of the day’s technology and business world.