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Bids for shares of TikTok rival Kuaishou reach triple of IPO price

Hong Kong gray-market trades put Chinese video app on course for record opening

Kuaishou Technology has raised $5.4 billion in its initial public offering, Hong Kong's largest since 2019.   © Reuters

HONG KONG -- Retail investors in Hong Kong are bidding for shares of Chinese short-video platform Kuaishou Technology at a premium of as much as 266% ahead of its market debut on Friday, underscoring the enormous appetite that saw the company break IPO subscription records.

The shares touched HK$322.80 on the gray-market platform run by Phillip Securities Group and HK$421 at Futu Securities, an online brokerage backed by Tencent Holdings, early Thursday evening. That compares with the stock's issue price of HK$115, the top end of the range at which they were marketed.

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