Bytedance rival Kuaishou aims to raise up to $5.42 billion in Hong Kong IPO

Chinese online video company Kuaishou Technology is aiming to raise $4.95 billion to $5.42 billion in an initial public offering (IPO) that will be the largest in Hong Kong for more than a year, according to a term sheet reviewed by Reuters.

The online video site, backed by Tencent Holdings, will price 365.2 million shares at between HK$105 and $HK115 apiece, the term sheet shows. Kuaishou did not immediately respond to a request for comment.

There is a so-called greenshoe option to sell a further 54.78 million shares in the 30 days after listing that could take the total amount raised up to $5.7 billion to $6.2 billion.