Kuaishou Technology, the Chinese short-video startup, has attracted BlackRock Inc. and the Abu Dhabi Investment Authority as cornerstone investors in its Hong Kong initial public offering, people with knowledge of the matter said.
Capital Group Cos. and Canada Pension Plan Investment Board also committed to buy stock in the offering, the people said, asking not to be identified because the information is private. Kuaishou is targeting to raise as much as $6 billion from the share sale, which is set to start taking orders as soon as Monday, the people said.
The company plans to set aside nearly $2.5 billion of IPO stock for about 10 cornerstone investors, the people said. Fidelity, Chinese buyout firm Boyu Capital and Morgan Stanley Investment Management also agreed to purchase shares, they said. Singapore state investment firms GIC Pte and Temasek Holdings Pte separately plan to participate in the offering, according to the people.
Kuaishou is attempting the world’s biggest internet IPO since Uber Technologies Inc.’s $8.1 billion share sale in May 2019, according to data compiled by Bloomberg. The Chinese company, whose name means “fast hand,” is the main domestic rival to TikTok owner ByteDance Ltd.
The app established its popularity among users in smaller cities and the countryside, with people streaming slices of everyday life from harvesting corn to slurping noodles. Kuaishou has since expanded to audiences in bigger metropolitan areas, hosting content ranging from people playing video games to teenagers lip-syncing pop songs.
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