Kuaishou Technology has filed an application for a Hong Kong initial public offering, heading toward a listing that could raise as much as $5 billion and beat larger rival ByteDance to market.
Kuaishou, or “fast hand,” reported revenue climbed 48 per cent to 25.3bn yuan ($3.8bn) in 2020’s first half, underlining the scorching pace of growth of a Chinese short video market. The Tencent Holdings-backed start-up is angling for a valuation of $50bn in an offering as soon as the end of this year, almost twice its current price tag, sources said.
Kuaishou’s impending debut raises hopes the city will continue to attract listings from prominent internet companies despite the derailment of a highly anticipated debut by Jack Ma’s Ant Group. ByteDance itself is said to be in discussions to raise $2bn before listing some of its businesses in Hong Kong, potentially as early as next year.
The two represent a generation of private Chinese start-ups that’ve risen to the fore thanks to a surge in short video, challenging the dominance of Tencent and Alibaba Group Holding. Kuaishou established its popularity among users in smaller cities and rural areas, with people streaming slices of everyday life from harvesting corn to slurping noodles. It’s since expanded to audiences in bigger cities, hosting content ranging from people playing video games to teenagers lip-syncing songs, much like ByteDance’s TikTok and Douyin.
Access to Kuaishou’s main app is free, with revenue generated from a cut of the tips users give their favourite live-streaming performers. At $50bn, the company – last valued by Pitchbook at $28.6bn after a February funding round – would surpass SpaceX and Airbnb to become the world’s third most valuable start-up, according to CB Insights.
Morgan Stanley, Bank of America and China Renaissance Holdings are joint sponsors of Kuaishou’s proposed IPO, according to pre-listing documents posted on the Hong Kong stock exchange’s website on Thursday. Tencent has a 21.6 per cent stake in Kuaishou, and other backers include venture capital firms DCM, DST Global and Sequoia Capital China, according to the filing. Chief executive Su Hua has 12.6 per cent, while founder Cheng Yixiao has 10 per cent.
The company has been increasingly expanding into advertising and e-commerce. Its apps had 776 million average monthly active users in the first half of the year, according to Thursday’s filing. Active users spent an average of more than 85 minutes daily on its main app.
Score
Third Test, Day 2
New Zealand 274
Pakistan 139-3 (61 ov)
Pakistan trail by 135 runs with 7 wickets remaining in the innings
Essentials
The flights
Emirates and Etihad fly direct from the UAE to Geneva from Dh2,845 return, including taxes. The flight takes 6 hours.
The package
Clinique La Prairie offers a variety of programmes. A six-night Master Detox costs from 14,900 Swiss francs (Dh57,655), including all food, accommodation and a set schedule of medical consultations and spa treatments.
UAE currency: the story behind the money in your pockets
THE SPECS
Jaguar F-Pace SVR
Engine: 5-litre supercharged V8
Transmission: 8-speed automatic
Power: 542bhp
Torque: 680Nm
Price: Dh465,071
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Killing of Qassem Suleimani
Read more about the coronavirus
Bio
Age: 25
Town: Al Diqdaqah – Ras Al Khaimah
Education: Bachelors degree in mechanical engineering
Favourite colour: White
Favourite place in the UAE: Downtown Dubai
Favourite book: A Life in Administration by Ghazi Al Gosaibi.
First owned baking book: How to Be a Domestic Goddess by Nigella Lawson.
Stree
Producer: Maddock Films, Jio Movies
Director: Amar Kaushik
Cast: Rajkummar Rao, Shraddha Kapoor, Pankaj Tripathi, Aparshakti Khurana, Abhishek Banerjee
Rating: 3.5
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
Killing of Qassem Suleimani
Our family matters legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
T20 World Cup Qualifier, Muscat
UAE FIXTURES
Friday February 18: v Ireland
Saturday February 19: v Germany
Monday February 21: v Philippines
Tuesday February 22: semi-finals
Thursday February 24: final
Votes
Total votes: 1.8 million
Ashraf Ghani: 923,592 votes
Abdullah Abdullah: 720,841 votes
The 100 Best Novels in Translation
Boyd Tonkin, Galileo Press
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Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
T20 World Cup Qualifier A, Muscat
Friday, February 18: 10am - Oman v Nepal, Canada v Philippines; 2pm - Ireland v UAE, Germany v Bahrain
Saturday, February 19: 10am - Oman v Canada, Nepal v Philippines; 2pm - UAE v Germany, Ireland v Bahrain
Monday, February 21: 10am - Ireland v Germany, UAE v Bahrain; 2pm - Nepal v Canada, Oman v Philippines
Tuesday, February 22: 2pm – semi-finals
Thursday, February 24: 2pm – final
UAE squad: Ahmed Raza (captain), Muhammad Waseem, Chirag Suri, Vriitya Aravind, Rohan Mustafa, Kashif Daud, Zahoor Khan, Alishan Sharafu, Raja Akifullah, Karthik Meiyappan, Junaid Siddique, Basil Hameed, Zafar Farid, Mohammed Boota, Mohammed Usman, Rahul Bhatia
All matches to be streamed live on icc.tv
BLACK%20ADAM
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Fines for littering
In Dubai:
Dh200 for littering or spitting in the Dubai Metro
Dh500 for throwing cigarette butts or chewing gum on the floor, or littering from a vehicle.
Dh1,000 for littering on a beach, spitting in public places, throwing a cigarette butt from a vehicle
In Sharjah and other emirates
Dh500 for littering - including cigarette butts and chewing gum - in public places and beaches in Sharjah
Dh2,000 for littering in Sharjah deserts
Dh500 for littering from a vehicle in Ras Al Khaimah
Dh1,000 for littering from a car in Abu Dhabi
Dh1,000 to Dh100,000 for dumping waste in residential or public areas in Al Ain
Dh10,000 for littering at Ajman's beaches