Kuaishou’s Kling AI targets Hong Kong IPO, may raise at least $1 bln - Bloomberg

Kuaishou Technology's Kling AI video platform is set to embark on a Hong Kong initial public offering (IPO) that could raise a minimum of $1 billion, according to Bloomberg News. The financial institutions involved in the potential share sale are China International Capital Corp, Goldman Sachs, and UBS Group. Kling aims to list on the Hong Kong Stock Exchange as early as next year, although the discussions surrounding the offering are still in progress, with the possibility of alterations in size and timing.

Hong Kong-listed Kuaishou shares experienced a 3% increase, trading at HK$30.38 by early morning on Tuesday. Kling, which was launched in 2024, secured $2.8 billion in funding in July from investors such as Alibaba Group, Tencent Holdings, and Baidu, placing the company's valuation at around $15 billion prior to the investment. The planned listing coincides with a resurgence in Chinese AI video platforms seeking to leverage the heightened demand and a surge in IPO activity within Hong Kong.