Chinese video app valued at £131bn on first day of trading in Hong Kong
Shares in the Chinese video app Kuaishou almost tripled on the first day of trading in Hong Kong, giving TikTok’s chief rival a market value of £131bn.
The debut of the short-form video site on Hong Kong’s stock exchange on Friday was one of the most eagerly anticipated initial public offerings (IPOs) this year and raised $5.4bn (£4bn), the biggest in the tech sector since
Uber raised more than $8bn in 2019.