Kuaishou to raise $15.5b through dual-currency notes issuance

Kuaishou (1024) announced the issuance of new dual-currency senior notes on Friday, totalling about HK$15.5 billion.

Its shares, however, fell nearly 2 percent at the morning trading session.

The US dollar-denominated notes due in 2031 will bear interest at the rate of 4.125 percent per annum, while those maturing in 2036 will bear an annual interest rate of 4.75 percent, according to an exchange filing.

The annual interest rate of yuan-denominated notes due in 2036 is 2.45 percent.

Before deducting underwriting commissions and certain estimated offering expenses, the gross proceeds of the USD notes Issue will be approximately US$1.489 billion (HK$11.6 billion), and those of the yuan notes will be about 3.5 billion yuan (HK$3.9 billion).

The company said it intends to use the net proceeds primarily for general corporate purposes.

Earlier, the Chinese short-video platform was reportedly to fund the development of its artificial intelligence.