Kuaishou, a Chinese video app that’s largely underappreciated outside China, has just completed a massive initial public offering in Hong Kong. The app is by far the biggest rival for Douyin, TikTok’s Chinese version, and unlike many Western video platforms that make money from ads and subscriptions, Kuaishou’s cash cow is its tipping business.
Kuaishou’s shares opened in Hong Kong on Friday at HK$338 ($43.6) apiece, a 194% jump from its IPO price of HK$115 ($14.8). That catapults its market cap to nearly HK$1.4 trillion ($180 billion). The company pocketed approximately $5.4 billion from the listing with a total of 365,218,600 shares, …
