Kuaishou’s Kling AI picks banks for US$1 billion Hong Kong IPO as early as next year
Kling AI, the video generation model arm of Chinese short-video platform Kuaishou Technology, has selected banks for a Hong Kong IPO aiming to raise at least US$1 billion, according to Bloomberg News. The company targets a listing as soon as next year.
Kuaishou Technology’s Kling AI, a provider of video generation models, has selected banks for a potential Hong Kong initial public offering that could raise at least US$1 billion (HK$7.8 billion), Bloomberg News reported on Tuesday, citing people familiar with the matter.
According to the report, Kling AI is working with China International Capital Corp, Goldman Sachs and UBS Group on the possible listing and is targeting to go public in Hong Kong as early as next year.
Following the news, shares of parent company Kuaishou rose as much as 3.5 per cent before narrowing gains to 2 per cent.
In July, Kling AI completed a US$2.8 billion funding round at a pre-money valuation of about US$15 billion, with investors including Alibaba, Tencent and Baidu, the report said.
The move comes as a number of Chinese AI generation model services rush to commercialise after OpenAI’s Sora exited the booming market. Kling AI currently competes with ByteDance’s Seedance, Shengshu Technology and PixVerse, among others.