Kuaishou said its IPO was oversubscribed with demand high. Martin Peers. sold shares at the top of its price range in a deal that ranks as the world’s biggest internet IPO since Uber Technologies Inc.’s $8.1 billion U.S. share sale in May 2019. The short-video app company, which is backed by Tencent Holdings Ltd., sold 365 million shares at HK$115 apiece, according to terms for the deal obtained by Bloomberg News. The stock later slipped from those highs but still ended the day over 160 percent higher, closing at HK$300 ($38.60) a share. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Kuaishou raised 41.28 billion Hong Kong dollars ($5.32 billion) from the initial public offering (IPO) after pricing its shares at 115 Hong Kong dollars each. martin@theinformation.c­om; Profile and archive → Follow Martin on Twitter | Feb. 5, 2021 5:32 PM PST Photo: Kuaishou's headquarters in Beijing. Early trading on Friday morning saw their price nearly triple, in… Before it's here, it's on the Bloomberg Terminal. “The scale of the premium is quite extraordinary given that it reflects institutional buying and one assumes a more analytical perspective on value than you typically see from retail traders,” said Gary Dugan, chief executive officer of the Global CIO Office. Shares are up +142% in pre-IPO trading. In a so-called gray market, investors can bid for new shares before they officially start trading on a stock exchange. The share sale values the rival to ByteDance Ltd. at $60.9 billion. Citi Debuts Rapid At-Home Covid Tests to Branch Workers, Tra... Shares seen trading at HK$250 each, more than twice IPO price, Short-video app firm raised $5.4 billion in Hong Kong IPO. Kuaishou to raise about $5b in Hong Kong IPO. In November, the Chinese government introduced rules around live-streaming shopping, which could impact Kuaishou. Have a confidential tip for our reporters? February 7, 2021 February 5, 2021 by Jennifer. The over-the-counter mechanism is often seen as an early indicator of investor demand for an IPO’s debut. Sign up for free newsletters and get more CNBC delivered to your inbox. Tencent-backed Kuaishou’s Friday Hong Kong IPO is reportedly now 1,204x oversubscribed by retail investors. That would see the company … Shares of Chinese social video company Kuaishou made a stratospheric start in their post-IPO debut on the Hong Kong Stock Exchange. The stock later slipped from those highs but still ended the day 160% higher, closing at 300 Hong Kong dollars a share. The support in the market for new issues bodes well for further gains in Asian markets.”. Kuaishou trades at twice IPO price in grey market. Tencent-backed Kuaishou trades at twice IPO price in grey market. Roblox Mastermind’s Fortune Soars to $4.7 Billion With IPO J... Russia Squeezes Twitter Amid Crackdown, Traffic Disrupted. Kuaishou Trades at Twice IPO Price in Gray Market Shares seen trading at HK$250 each, more than twice IPO price Short-video app firm raised $5.4 billion in Hong Kong IPO U.S.-listed Chinese companies including Alibaba and JD.com have also raised money in Hong Kong. A Division of NBCUniversal. Shares in the Chinese short video app Kuaishou almost tripled on their Hong Kong debut on Friday, surging to HK$338 ($43.60) upon opening, from an IPO price of HK$115 ($14.80). CNBC reported that Nasdaq-listed Chinese video company Bilibili has filed for a secondary listing in Hong Kong too. Kuaishou’s IPO and Stock Price Inflation: The Information’s Tech Briefing. Kuaishou’s enormous opening-day valuation puts it in direct league with ByteDance, which last raised funds at a $180 billion valuation. Kuaishou, China's second largest livestream e-commerce platform, is set to raise $5.4 billion in its Friday debut. All Rights Reserved. GUANGZHOU, China — Shares of Chinese short video company Kuaishou rose nearly 200% at the open on its debut in Hong Kong. Some trades were executed for HK$250 apiece in gray-market trading Monday, according to people familiar with the matter, who asked not to be identified as they are not authorized to speak to the media. That’s more than double the listing price of HK$115 and a bigger premium than the 50% jump on Ant Group Co.’s planned Hong Kong offering before it was scrapped. Kuaishou is also pushing into new areas such as e-commerce. At the day's high, Kuaishou… Tencent-backed Kuaishou was … Kuaishou’s IPO proved a major hit with both institutional and retail investors, with the latter putting in orders worth $165 billion, a record for the city. The technology firm raised 41.28 billion Hong Kong dollars ($5.32 billion) from the initial public offering (IPO) after pricing its shares at 115 Hong Kong dollars each, at the top of its expected range. Data is a real-time snapshot *Data is delayed at least 15 minutes. The shares closed at HK$300 after rising to as high as HK$345, compared with the IPO price of HK$115, valuing the Tencent Holdings-backed firm at US$159 billion. The company's main business is a short video app and it makes money from users who buy virtual gifts to give to their favorite streamers. Julia Fioretti & Bei Hu / Bloomberg. The IPO is also another win for the Hong Kong stock exchange which has managed to attract high profile technology companies and secondary listings. Kuaishou and its rival TikTok represent China’s fast growing new economy, with the “ … © 2021 CNBC LLC. A Kuaishou app interface on a mobile phone, Yichang, Hubei province, China, Jan 20, 2021. Got a confidential news tip? A VIX-Like Gauge for Bitcoin Sees Its First-Ever Options Tra... Tiger-Backed Flutterwave Becomes Latest Nigeria Tech Unicorn. Kuaishou, Hong Kong’s hottest-ever retail stock offering, is set to hand investors a massive windfall based on pre-trading prices in the grey market, according to data published by local brokerages. Kuaishou Technology Prices Blockbuster IPO. Hackers Breach Thousands of Security Cameras, Exposing Tesla, Jails, Hospitals, Trader Buys $36 Million of Copper and Gets Painted Rocks Instead, U.S. Stocks Rise; Treasuries Gain After Auction: Markets Wrap, Nasdaq Jumps Most in 4 Months in Risk-On Revival: Markets Wrap, China Stocks Resume Drop as State Buying Fails to Lift Sentiment. Facebook Asks Court to Toss U.S. Suit Seeking Company Breaku... Covid Origin Could Be Found in Few Years, Mission Member Say... TikTok Prompts EU Watchdog’s Warning on Data Being Sent to C... Hackers Breach Thousands of Security Cameras, Exposing Tesla... Oshkosh Admitted Weakness on EVs Before Shock Postal Deal. An external representative for Kuaishou declined to comment. Kuaishou headquarters is pictured on November 5, 2020 in Beijing, China. Kuaishou's listing will be a test of appetite for Chinese technology firms just as Beijing steps up its scrutiny of the sector in areas from anti-monopoly to data protection. Kuaishou Technology, a video sharing mobile app that competes with TikTok, has completed the largest global IPO in over a year. The indicative offer price … Even at the low end of the range, Kuaishou will still be valued at $55.6 billion. Kuaishou is also pushing into new areas such as e-commerce. By . Ten cornerstone investors led by Capital Group and involving BlackRock and Fidelity invested in the IPO. The company sold shares at the top of its price range in a deal that ranks as the world's biggest Internet IPO since Uber Technologies's US$8.1 billion United States share sale in May 2019. Shares in Kuaishou nearly tripled from their IPO price in early trading, implying a market value of more than $160 billion, versus nearly $61 billion when the share sale was priced. Kuaishou shares opened at HK$338 ($43.60) and rose to as much as HK$345, versus HK$115 apiece in the $5.4 billion initial public offering (IPO). Kuaishou shares opened up at 338 Hong Kong dollars. Kuaishou plans to price on Jan. 29 and start trading shares on Feb. 5. “The fear was that institutional investors would back off from the market given the recent volatility. If the so-called overallotment option is exercised, which allows the investment bank to issue more shares, then Kuaishou could raise over $6 billion. 01 February 2021 - 17:18 Julia Fioretti and Bei Hu. A screen showing footage of a … Retail buyers will be able to trade through a similar channel a day before Kuaishou begins trading on Friday. Retail investors in Hong Kong are giving r/WallStreetBets a run for its money. Kuaishou's main business is a short video app and it makes money from users who buy virtual gifts to give to their favorite streamers. The technology firm raised 41.28 billion Hong Kong dollars ($5.32 billion) from the initial public offering (IPO) after pricing its shares at 115 Hong Kong dollars each. Get this delivered to your inbox, and more info about our products and services. Kuaishou prices IPO at $93 apiece Business | Avery Chen 20 Jan 2021. Kuaishou faces stiff competition in China from rivals such as Douyin, the Chinese version of TikTok owned by ByteDance, as well as Tencent's WeChat messaging app. Kuaishou's stock skyrocketed in value Friday as the TikTok-like video app scored the world's biggest IPO since the coronavirus pandemic began. A top-end pricing will value the Chinese firm at $60.9 billion, up from the $28.6 billion it achieved in a funding round last year, according to Pitchbook. Kuaishou plans to sell more than 365 million shares in its IPO, which has a suggested pricing range of $13.54–$14.83. The Grey Zone . The stock traded at above HK$ 310 in the grey market, up more than 170% from the IPO price of HK$ 115. If Kuaishou’s shares rise as much on Friday it would be the third-best debut for an IPO over $1 billion in Hong Kong on record, data compiled by Bloomberg show. Image Credit: Getty Images, Wachiwit. With a minimum deal size of $4.95 billion, the IPO would be the largest in the world since late 2019, when state-controlled Saudi Arabian Oil Co., commonly known as … Institutional investors are buying Kuaishou Technology’s Hong Kong shares before its Friday debut at a significant premium to the listing price, underscoring the high level of demand for the world’s biggest internet initial public offering in two years. Kuaishou trades at twice IPO price in gray market Mon, Feb 01, 2021 - 8:41 PM Institutional investors are buying Kuaishou Technology's Hong Kong shares before its Friday debut at a significant premium to the listing price, underscoring the high level of demand for the … Shares of Chinese short video company Kuaishou rose nearly 200% at the open on its debut in Hong Kong. raised 41.28 billion Hong Kong dollars ($5.32 billion), Beijing steps up its scrutiny of the sector in areas from anti-monopoly to data protection, Bilibili has filed for a secondary listing in Hong Kong too. The valuation of Kuaishou could more than double after its Hong Kong IPO. We want to hear from you. Kuaishou is gearing up for an initial public offering (IPO) in Hong Kong.
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