China’s second biggest short video sharing platform, Kuaishou is planning on going public on US IPO next year. For it, the company is raising more than $1 billion in a pre-IPO round at a $25 billion valuation, Bloomberg reported.
Tencent is still the biggest back up for the company. On the other hand, Kuaishou plays a big part in Tencent portfolio. It might be Tencent’s only chance of beating off ByteDance.
Playing in the same ground for most of the internet era, ByteDance has been leading off the market. Especially for its worldwide-known short video sharing app, TikTok.
It remains at the top both in China and in the world now. And Tencent preciously had tried to take it down by launching its own platform, which was a total failure. That’s why backing up Kuaishou is the best opt for Tencent to stay on the top of the game.
Kuaishou itself has been gaining popularity in China the past years. This is due to its strategical choice to raise up revenue in rural area of China. And it turns out that people quite like to watch other sharing how they harvest corns or slurping a bowl of noodles.
Sources familiar to the business stated that Kuaishou is seeking for global expansion after US IPO
It is indeed gaining popularity in foreign countries, especially Latin American countries. In Brazil, it now has more than three million daily active users and has been on top of the app rank in Brazilian PlayStore.
This is not the first time Kuaishou gets popular abroad, though. Earlier in 2017, the app has gained some popularity in South Korea and Turkey.
However, it soon lost its glows as it has minimum funding and bad management due to the resign of its global executive manager.
Now, Kuaishou is again attempting on the global fame. And it is also starting to enter the film industry by launching its own film production and distribution subsidiary.
