Kuaishou shares soar as Kling AI eyes US$20 billion valuation in potential spin-off

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...