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Big US funds stake claim on quarter of Kuaishou's $5.4bn IPO

Chinese short-video app backing comes despite tense Washington-Beijing relations

A Kuaishou Technology booth at a trade fair in Beijing in September 2020. The company operates apps that allow users to upload short videos as well as livestream programs.   © Reuters

HONG KONG -- Major U.S. fund managers including BlackRock and Fidelity are among 10 cornerstone investors in Chinese short-video platform Kuaishou Technology's $5.4 billion initial public offering, at a time when the relationship between the world's two largest economies is at its lowest point in decades.

U.S.-based institutional investors have agreed to invest $1.39 billion, or a quarter of the entire offering by the Tencent Holdings-backed company, according to a term sheet seen by Nikkei Asia.

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