Chinese videotape and live streaming group Kuaishou Technology are trying to raise up to $ 5.4 billion from an original public offering, joining a series of Chinese companies listed in Hong Kong .
Kuaishou began issuing investment orders for stock sales ahead of listing on Feb. 5, a term page showed. The company is supported by Tencent Holdings Ltd. and compete with ByteDance Ltd., the Chinese company behind TikTok.
With a minimum contract size of $ 4.95 billion, the IPO would be the largest in the world since the end of 2019, when the state-controlled Saudi Arabian Oil Company, commonly known as Aramco, raised $ 29.4 billion. Dealogic figures show. It would also be the largest number in Hong Kong since Budweiser Brewing Co. built. APAC Ltd., Anheuser-Busch Asian unit InBev SA., $ 5.75 billion in September 2019.
The company is selling 365.2 million new shares at an exhibition range of 105 to 115 Hong Kong dollars, according to a term page seen by The Wall Street Journal. They plan to fix the offer price on Jan. 29. At the top of the range, the agreement represents a market capitalization of $ 60.9 billion.
The size of the offer could increase to up to $ 6.2 billion after subscription banks used an option to sell an additional 15% of shares.