![]() ![]() The app is, however, currently running at a loss, according to latest financial data. Kuaishou is one of a few companies that pioneered apps that enable users to upload short videos and livestream. Having carved out a well-crafted strategy in tech venture capital in recent years, Temasek is likely to ride high on the expected IPO surge - notwithstanding the stalled Ant offering. Kuaishou’s shares opened in Hong Kong on Friday at HK$338 (US$43.6) apiece, a 194% jump from its IPO price of HK$115 (US$14.8), but fell back as the day wore on. As a result of the offering, Global SWF estimates Temasek has netted more than US$1.1 billion from asset value growth.Ī series of successful IPOs is expected in 2021, following a unique year when tech companies reaped the rewards of the global shift to remote working amid the Covid-19 pandemic. Temasek also joined ADIA, GIC and CPP Investments as cornerstone investors in the IPO, deploying an average of at least US$250 million each. The Singaporean state-owned investor participated in Kuaishou’s Series F round in December 2019, which valued the Tencent-backed company at US$28bn. Today’s blockbusting Hong Kong IPO by Kuaishou saw market cap of the Chinese viral video app reach US$159bn as shares closed at HK$300, increasing the value of Temasek’s initial investment in the TikTok rival by 5.7 times within 14 months, according to Global SWF estimates. ![]()
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