Tencent Holdings reduced its stake in Kuaishou Technology to 9.37% from 15.68%, causing Kuaishou's shares to drop over 6%. The divestment follows Tencent's lead in a $3 billion financing round for Kuaishou's AI unit, Kling AI.
Kuaishou-backed Kling AI is reportedly close to securing a US$3 billion fundraising round, valuing the company at US$18 billion, amid intensifying competition in China's AI video generation sector. Tencent is among the investors, and Kuaishou plans a Hong Kong IPO for Kling AI within 12 months.
Chinese internet giants like Kuaishou are increasingly designing proprietary chips to gain control over computing infrastructure amid rising AI workloads and geopolitical tensions. Kuaishou's chip spin-off, TranStreams, recently raised significant funding, highlighting investor confidence in the sector.
Kuaishou posts 3.4% overall revenue growth, with Kling's revenue surging over 300% to 650M yuan, driven by AI adoption across sectors. Profit hits 3.4B yuan, down 26% YoY but exceeding estimates.
Kuaishou Technology’s shares jumped as much as 10 per cent on Tuesday morning after reports that the Chinese short-video platform was raising new funding for its Kling AI unit at a valuation of US$20 billion. Kuaishou – often seen as a rival to ByteDance-owned Douyin in China – plans to spin off its video generation service, according to a report by Chinese technology news outlet The LatePost on Monday, citing anonymous sources. The company is in talks with potential investors, including Tencent...
Kuaishou Technology’s shares jumped as much as 10 per cent on Tuesday morning after reports that the Chinese short-video platform was raising new funding for its Kling AI unit at a US$20 billion valuation. Kuaishou – often seen as a rival to ByteDance-owned Douyin in China – plans to spin off its video generation service, according to a report by Chinese technology news outlet The LatePost on Monday, citing anonymous sources. The company is in talks with potential investors, including Tencent...
