Short video app Kuaishou is planning a listing on the Hong Kong Stock Exchange on February 5, 2021, according to a 36Kr exclusive, which cited one of the underwriters of the IPO.
While previous media reports indicated a date between January 4 and 8, a person familiar with the matter told 36Kr that the listing has been delayed due to the large number of orders placed by various brokers on the secondary market. The USD 50 billion valuation target is also set to grow, according to the source.
In the six months through June, Kuaishou’s net loss reached a record-high RMB 68.1 billion (USD 10.3 billion)—a figure larger than the losses of the last three years combined. On an adjusted basis, the Douyin rival also swung to a net loss of RMB 6.35 million (USD 960 million) in the same period, versus net income of RMB 7.8 million, RMB 1.8 million, and RMB 1.3 billion in 2017, 2018, and 2019, respectively.
Read this: Douyin rival Kuaishou files for Hong Kong IPO, reveals loss of over USD 10 billion in first half
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.