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China tech

Tencent-backed Kuaishou prepares for $5bn Hong Kong IPO

Top short video rival of TikTok's Chinese sister app seeks $50bn valuation

Beijing-based Kuaishou began as a GIF generator tool in 2011 and has become the second-largest short-video app in China after ByteDance's Douyin. (Source photos by AP) 

HONG KONG -- Chinese online video startup Kuaishou, the Tencent Holdings-backed challenger to the domestic version of ByteDance's TikTok, is preparing for an initial public offering that would value the company at around $50 billion, according to three people familiar with the situation.

The company, which runs its eponymous app in China as well as the Kwai and Zynn apps in overseas markets, has hired Bank of America and investment bank China Renaissance, among others, as sponsors for its IPO and could file a preliminary prospectus with the Stock Exchange of Hong Kong next month, the people said.

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