TikTok rival Kuaishou ends 1st trading day at HK$300

TikTok Inc.-rival Kuaishou Technology's shares closed at HK$300.00 on their first day of trading, up 160.87% on the offering price.

The short-video stock began the day at HK$338, up 193.9% on the HK$115 public offering price.

The market capitalization of Kuaishou reached around HK$1.23 trillion, with a turnover of HK$37.54 billion.

Kuaishou said it raised HK$41.28 billion, or US$5.32 billion, in net proceeds, after selling more than 365.22 million shares.

The company said its IPO was oversubscribed by 1,204.16 times. If the overallotment option is exercised, Kuaishou could raise over US$6 billion, according to a CNBC report.

Morgan Stanley Asia Ltd., Merrill Lynch Far East Ltd. and China Renaissance Securities (Hong Kong) Ltd. are joint sponsors for the offering. Morgan Stanley Asia, Merrill Lynch (Asia Pacific) Ltd. and China Renaissance Securities (Hong Kong) are joint global coordinators.

Merrill Lynch (Asia Pacific), China Renaissance Securities (Hong Kong), Hong Kong and Shanghai Banking Corp. Ltd., Haitong International Securities Co. Ltd., CMB International Capital Ltd, BOCI Asia Ltd. and Futu Securities International (Hong Kong) Ltd. are joint bookrunners and joint lead managers.

ICBC International Capital Ltd. also served as joint bookrunner, while International Securities Ltd. served as joint lead manager.

Morgan Stanley Asia also served as a joint bookrunner and joint lead manager for the Hong Kong offering specifically, while Morgan Stanley & Co. International PLC served as a joint bookrunner and joint lead manager specifically for the international offering.