Kuaishou's Kling AI eyes US$1b HK IPO next year, Bloomberg reports

Chinese short-video platform Kuaishou Technology's (1024) Kling AI, the video generation model provider, has selected banks for a Hong Kong initial public offering, aiming to raise at least US$1 billion (HK$7.8 billion), Bloomberg News reported on Tuesday, citing people familiar with the matter.

Kling AI is working with China International Capital Corp, Goldman Sachs and UBS Group on the potential listing and is targeting to go public in the city as soon as next year, the report said.

Kuaishou's shares once rose as much as 3.5 percent before narrowing its gains to 2 percent.

In July, Kling has concluded a US$2.8 billion funding round at a pre-money valuation of around US$15 billion, with investors including Alibaba (9988), Tencent (0700), and Baidu (9888).

The move came as a batch of Chinese AI generation model services scrambled for commercialization after OpenAI's Sora exited the booming market.

Currently, Kling AI's rivals include ByteDance's Seedance, Shengshu Technology, and PixVerse.

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