Kuaishou Technology
Kuaishou Technology is a leading content community and social platform. It believes engagement and interactions among people create value. As a result, it continuously improves and enhances content creation tools and services that empower people to chronicle and share their life experiences, and showcase their talents. Globally, the Group is the largest live streaming platform by gross billings from virtual gifting and average live streaming MPUs, the second largest short video platform by average DAUs, and the second largest live streaming e-commerce platform by GMV, all for the nine months ended September 30, 2020, according to iResearch.
Its users have contributed to vast and organically growing repository of short video and live streaming content. It works with business partners to provide products and services that address various needs that arise naturally on its platform. These include entertainment, online marketing services, e-commerce, online games, online knowledge-sharing, and more. This increase user engagement on its platform and strengthen the virtuous cycle among its users, content and business partners over time.
The Group monetizes primarily through the sale of virtual items, provision of various forms of online marketing services, and commissions from e-commerce sales on its platform. The Group provides businesses with online marketing solutions and an e-commerce marketplace that helps them reach and engage their target customers.
In the nine months ended September 30, 2020, there were 305 million average DAUs and 769 million average MAUs of its apps and mini programs in China. In the same period, its DAUs on average spent over 86 minutes per day on Kuaishou App and accessed Kuaishou App more than 10 times a day. It also had approximately 1.1 billion average monthly short video uploads on Kuaishou App in the nine months ended September 30, 2020.
| Market | Hong Kong (Main Board) |
| Business Nature | E-Commerce & Internet Services |
| Website | www.kuaishou.com |
| Board Lot | 100 |
| Registrar & Transfer Office | Computershare Hong Kong Investor Services |
| No. of Offer Shares | 365m shares |
| No. of International Offer Shares | 356m shares |
| No. of HK Offer Shares | 9.13m shares |
| Offer Price | $105.00 - $115.00 |
| Nominal Value | US$ 0.0000053 each |
| Stock Code | 1024 |
| Joint Sponsors | Morgan Stanley Asia Limited, Merrill Lynch Far East Limited, China Renaissance Securities (Hong Kong) Limited |
| Joint Global Coordinators, Joint Bookrunners and Joint Lead Managers | Morgan Stanley Asia Limited, Morgan Stanley & Co. International plc, Merrill Lynch (Asia Pacific) Limited, China Renaissance Securities (Hong Kong) Limited |
| Joint Bookrunners and Joint Lead Managers | The Hongkong and Shanghai Banking Corporation Limited, ICBC International Capital Limited, ICBC International Securities Limited, Haitong International Securities Company Limited, CMB International Capital Limited, BOCI Asia Limited, Futu Securities International (Hong Kong) Limited |
| Application Period | Jan 26 (Tue) - Noon, Jan 29 (Fri) |
| Price Determination Date | On or Before 5pm, Jan 29 (Fri) |
| Result Announcement Date | On or Before Feb 4 (Thu) |
| Dispatch of Shares and Refund Cheques | On or Before Feb 4 (Thu) |
| Dealings in Shares commence on | Feb 5, 2021. (Fri) |
| Times of HK Offer Shares Subscription | 13X - 48X | 48X - 95X | Over 95X |
| % of total shares reallocated to HK Offer | 5% | 5.5% | 6% |
| Executive | SU Hua (Chairman), CHENG Yixiao |
| Non-Executive | LI Zhaohu, ZHANG Fei, SHEN Dou, LIN Frank |
| Independent Non-Executive | WANG Huiwen, HUANG Sidney Xuande, MA Yin |
| Director SU Hua, | 11.79% (total capital); 39.36% (voting rights) |
| Director CHENG Yixiao | 9.36% (total capital); 31.2% (voting rights) |
| TENCENT (00700) | 17.74% (total capital); 6.62% (voting rights) |
| 5Y Capital | 13.70% (total capital); 5.12% (voting rights) |
| DCM | 7.60% (total capital); 2.84% (voting rights) |
| DST | 5.29% (total capital); 1.97% (voting rights) |
| (Year ended Dec 31) | |||
| 2020 * | 2019 | 2018 | |
| Revenue | 40,677 | 39,120 | 20,301 |
| Gross Profit | 15,311 | 14,104 | 5,802 |
| Pre-Taxed Profit | (98,119) | (19,265) | (12,401) |
| Attributable Profit for the period | (97,371) | (19,652) | (12,429) |
| * For the nine months ended September 30, 2020. | |||
| Offer Price | $105.00 - $115.00 |
| Capitalization | $431,400m - $472,400m |
| Unaudited pro forma adj NAV / share | $16.64 - $17.52 |
| Assuming the offer price being at the mid-point of $110.00, the net proceeds raised would be HK$39,477.4m, of which: |
| * $13,817.1m (35.0%) to enhance and grow its ecosystem, continue enriching and improving the quality and diversity of its content offerings, and continue improving the experience of our users and business partners through improved functionalities and services; |
| * $11,843.2m (30.0%) to strengthen its research and development and technological capabilities ; |
| * $9,869.4m (25.0%) to be used for selective acquisitions of or investment in products, services and businesses, particularly in areas such as content, social entertainment and software, ; |
| * the balance of $3,947.7m (10.0%) as additional working capital. |
| 05/02/2021 16:08 |
| {New Stock}KUAISHOU-W(01024) ends up 160.87% at HK$300 |
| 05/02/2021 09:20 |
| {New Stock}KUAISHOU-W(01024) opens up 193.91% at HK$338 |
| 26/01/2021 09:38 |
| Kuaishou Technology (01024) kicks off IPO for HK$39.5bn |
| Code | Name | Nominal | Change | %Change | |
| 01024 | KUAISHOU-W |  | 269.600 | 10.400 | 4.012% |
| 03700 | INKE |  | 2.230 | -0.010 | -0.446% |
| Remark： | The above information is referenced from the prospectus. |
| All data is calculated from the non- exercise rights(if applicable). | |
| Quote data is at least 15-min delayed，last updated: 14/04/2021 10:15 |
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