Tencent to bank roll China video app IPO valued at $25bn
Kuaishou, which specialises in short and mini-video content, is vital for Tencent’s strategy to compete with rival ByteDance
Hong Kong — Chinese start-up Kuaishou is considering going public in the US to bankroll its expansion in short videos and fend off competition from TikTok owner ByteDance, according to people familiar with the matter.
The company, backed by Tencent Holdings of which Naspers owns just more than 31%, plans to list next year, the people said, requesting not to be named because the matter is private. One person said Kuaishou also weighed the option of going public this year. The video start-up is raising more than $1bn at a $25bn valuation in a pre-initial public offering (IPO) round, mostly from Tencent, one of the people said...
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