China's Kuaishou shares fall to near five-week low after livestreaming cyberattack

Shares of Kuaishou dropped by as much as 6 percent on Tuesday to HK$62.70, their lowest since November 21, after the Chinese short video platform was hit by a cyberattack on Monday night.

The stock is set for its biggest one-day percentage drop since October 14 and was the top percentage decliner on the Hang Seng Tech Index HSTECH, which was down 0.5 percent.

The closest rival to TikTok’s Chinese version Douyin on Tuesday confirmed it experienced a livestreaming cyber incident at around 10 p.m. Monday.

It has initiated its emergency plan. The livestreaming function of its app has gradually resumed normal service, while other services remain affected, according to a company statement.

The company has reported the incident to the police and relevant departments, the statement said, adding that it will take other legal remedies.

According to Chinese media reports and social media posts, many users had been exposed to vulgar, violent and other explicit livestreaming content on the platform on Monday night, which some described as “unprecedented.”

Reuters