Kuaishou Technology, ByteDance’s short-video rival, is raising at least USD 5 billion by issuing 365 million new shares in its upcoming Hong Kong IPO in early February, according to WSJ and Bloomberg.
The valuation of Kuaishou is set to break the previously expected USD 50 billion, highlighting the investor enthusiasm for the online entertainment and livestreaming platform.
The app meanwhile saw a drop in interest. The 263 million daily and 481 million monthly active users at the end of November are both lower than the numbers reported in June 2020. The unaudited operational loss for the period was USD 1.45 billion, compared to a USD 10.3 billion net loss in H1 2020.
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.