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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.

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