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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Tencent Holdings Limited    700   KYG875721634

TENCENT HOLDINGS LIMITED

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ByteDance rival Kuaishou aims to raise up to $5 billion in Hong Kong IPO - sources

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09/17/2020 | 07:59am EDT
FILE PHOTO: A screen showing footage of a military parade is seen at a booth of Chinese video-streaming startup Kuaishou at the 2020 China International Fair for Trade in Services

Chinese online short video start-up Kuaishou aims to raise up to $5 billion in a Hong Kong initial public offering (IPO) as early as January, people with direct knowledge of the matter said, gearing up for the city's latest multibillion-dollar tech float.

The nine-year-old company, backed by social media and gaming leader Tencent Holdings Ltd, is targeting a valuation of over $50 billion, the people told Reuters, requesting anonymity due to confidentiality constraints.

Kuaishou operates its eponymous app in China and overseas equivalents Kwai and Zynn. Its plans come as rival ByteDance - operator of Douyin at home and TikTok abroad - has become a target of U.S. government concern over data security.

Kuaishou has hired Bank of America, China Renaissance and Morgan Stanley to work on the IPO and is looking to file for the float as soon as the end of October, the people said.

Bank of America and China Renaissance declined to comment. The company and Morgan Stanley did not respond to requests for comment.

Meaning "fast hand" in Chinese, Kuaishou's apps feature miscellaneous user-uploaded videos as well as live-streaming programs through which vendors can promote consumer products.

The Kuaishou app had 430 million monthly active users as of June, versus over 500 million for Douyin, according to researcher CBNData.

Kuaishou's IPO would be a boost to Hong Kong's status as a global capital markets centre. Nearly $20.3 billion worth of IPOs and secondary listings were conducted in Hong Kong over January-August, Refinitiv data showed, even as the city struggled with the economic fallout of the novel coronavirus outbreak and anti-government protests.

Ant Group plans to raise as much as $30 billion in a dual listing in Hong Kong and Shanghai in October, in what could be the world's largest IPO.

ByteDance is also considering listing its domestic business in Hong Kong or Shanghai, Reuters reported in July before the United States moved to bar U.S. firms from dealing with it.

Kuaishou raised $3 billion late last year in a pre-IPO funding round led by main backer Tencent. That round valued the company at close to $30 billion, said two of the people.

By Julie Zhu and Kane Wu


Stocks mentioned in the article
ChangeLast1st jan.
BANK OF AMERICA CORPORATION -2.65% 24.245 Delayed Quote.-29.30%
CHINA RENAISSANCE HOLDINGS LIMITED 0.00% 16.58 End-of-day quote.8.94%
MORGAN STANLEY -3.14% 50.25 Delayed Quote.1.47%
TENCENT HOLDINGS LIMITED -0.35% 561.5 End-of-day quote.49.49%
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Financials
Sales 2020 479 B 71 367 M 71 367 M
Net income 2020 120 B 17 965 M 17 965 M
Net cash 2020 85 854 M 12 801 M 12 801 M
P/E ratio 2020 38,7x
Yield 2020 0,27%
Capitalization 4 607 B 689 B 687 B
EV / Sales 2020 9,45x
EV / Sales 2021 7,58x
Nbr of Employees 70 756
Free-Float 60,4%
Chart TENCENT HOLDINGS LIMITED
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Tencent Holdings Limited Technical Analysis Chart | 700 | KYG875721634 | MarketScreener
Technical analysis trends TENCENT HOLDINGS LIMITED
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 48
Average target price 534,09 CNY
Last Close Price 484,29 CNY
Spread / Highest target 44,2%
Spread / Average Target 10,3%
Spread / Lowest Target -27,1%
EPS Revisions
Managers
NameTitle
Hua Teng Ma Executive Chairman & Chief Executive Officer
Chi Ping Lau President & Executive Director
Yu Xin Ren COO & President-Interactive Entertainment Group
Shek Hon Lo Chief Financial Officer & Senior Vice President
Chen Ye Xu Chief Information Officer
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