The Tencent and Baidu-backed livestreaming app saw its shares almost triple on the first day of trading and is now valued at about $160bn.

China-based video streaming platform developer Kuaishou Technology raised $5.4bn today in an initial public offering on the Hong Kong Stock Exchange that scored exits for internet groups Tencent and Baidu.

Kuaishou has built a short-form social video app with more than 300 million daily active users. Its chief rival, Douyin, is better known internationally as TikTok.

The company priced the offering last week and issued about 365 million shares priced at HK$115 ($14.83) each. Its shares leapt to HK$338m at…

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Robert Lavine

Robert Lavine is special features editor for Global Venturing.
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