Chinese TikTok rival Kuaishou nearly triples on Hong Kong debut

HONG KONG: Shares in Chinese video app company Kuaishou almost tripled on their Hong Kong debut Friday, following a $5.4 billion initial public offering for the TikTok rival that was the biggest for an internet firm in nearly two years.

Its outstanding debut comes despite a crackdown by China on tech firms in recent months and will be a sign of encouragement to TikTok owner ByteDance, which is said to be planning its own listing.

The firm — among China’s most popular short video platforms — soared to HK$338 at the open, from an IPO price of HK$115, valuing it at about $180 billion. It ended the day at HK$300.