China's TikTok competitor Kuaishou, backed by Tencent, hires investment banks for a Hong Kong IPO

China's TikTok competitor Kuaishou Technology is preparing an initial public offering in Hong Kong likely early next year, according to people familiar with its plans.

"Given the current China-US tension, a lot of [Chinese] issuers are leaning more towards Hong Kong [to list]," said Harvey Li, deputy head of equity capital markets at investment bank Citic CLSA during a conference on Thursday.

Photo: SCMP alt=At Kuaishou's karaoke store in Guangzhou customers can either sing on a public stage or entertain themselves in a sound-proof cubicle equipped with a screen, microphones and earphones.

While ByteDance-owned rival Douyin, the Chinese-language version of TikTok, continues to lead in the local video-sharing market, Kuaishou has swiftly expanded its "shoppertainment" initiatives, in which its content creators and influencers help drive online retail campaigns.

The platforms also collaborated with e-commerce giant to introduce a 24-hour special online retail campaign, "Doubling 10 billion-yuan subsidies shopping extravaganza", which generated 1.4 billion yuan (US$200 million) worth of paid transactions on June 16 alone.

In e-commerce, the categories that saw the most substantial increase in vendors on Kuaishou during the first half of this year were apparel, local services, homes, cars, and beauty and cosmetics, according to the app's report.

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