By Gina Lee Investing.com – Kuaishou Technology (HK :), which operates the most popular short video service in China after ByteDance Ltd.’s Douyin, soared 194% on its debut on the Hong Kong Stock Exchange by 5.4 billion dollars. Shares in the firm backed by Tencent Holdings (OTC 🙂 Ltd. were trading at HK $ 303.60 ($ 39.16) as of 11:23 p.m. ET (4:23 a.m. GMT), after as much as $ 345. From Hong Kong. They opened at HK $ 338 against the IPO price of $ 115 and valuing the company at $ 179 billion. Morgan Stanley (NYSE :), Bank of America Corp (NYSE :). and China Renaissance acted as joint sponsors of the agreement. The deal was the largest Internet initial public offering globally since Uber Technologies (NYSE 🙂 Inc raised $ 8.1 billion through its US stock sale in May 2019, after Kuaishou sold around 365. million shares at the top of its price range. Bytedance, reportedly in talks to list some of its own Hong Kong assets, will no doubt be encouraged by the success of its rival. The year 2020 has been a difficult one for the company, long rumored as an IPO candidate, after it was labeled a national security threat and banned in the US “A successful listing of Kuaishou will pave the way. path for his greatest rival. Douyin will be more motivated to go to market and investors will be able to learn more about China’s short video industry with Kuaishou’s regular disclosures in the future, ”said Bloomberg Intelligence Senior Analyst Vey-Sern Ling. The company was founded by Su Hua, a former Google (NASDAQ 🙂 employee, and Cheng Yixiao, in 2011, starting life as an application created to share animated GIF images. It made the switch to short videos in 2013, with live streaming in 2016. The company recorded an average of 264 million daily active users on its main Kuaishou app in November 2020, according to its prospect, less than half of the 600 million Douyin. users.