Primavera Capital's Portfolio Company KuaiShou Goes Public in Hong Kong as the First Listed Short Video App Company
China’s leading short video platform KuaiShou, a portfolio company of Primavera Capital Group, was officially listed on the main board of the Hong Kong Stock Exchange under the stock code 1024 today. Since the IPO announcement on January 26, KuaiShou has become one of the hottest stocks in the Hong Kong market. Institutional and individual investors were highly optimistic on the company’s growth potential. The IPO experienced strong demand as a result, reflecting the market’s expectations for and recognition of the company.
Founded in 2011, KuaiShou has risen over the past decade to become the leader in the short video app industry and a leading global content and social platform. KuaiShou has a large and diverse library of short-form video and live content, a highly engaged and vibrant user community, and industry-leading technology and software. KuaiShou has also invested significant resources in building its data and technology infrastructure.
To enhance its content recommendation function, KuaiShou has built a personalized recommendation algorithm based on deep reinforcement learning, which can effectively connect users with content creators through the identification of common interests, thereby enhancing user experience. At today’s gong-ringing ceremony in Beijing, co-founder, Chairman and CEO Su Hua, and co-founder and Chief Product Officer Cheng Yixiao reinforced KuaiShou’s values – the care for people, the respect for hard work and creation, and the fact that KuaiShou will always stand firmly with its users.
As the first short video giant to go public, KuaiShou represents a tremendous opportunity in the short-form video era. Having invested in KuaiShou since 2018, Primavera recognizes the management team’s unique insights into the potential of social content platforms and the value they create for KuaiShou’s stakeholders.
Since its founding in 2018, KuaiShou’s e-commerce platform has grown rapidly, becoming the “fourth pole” of the e-commerce industry in terms of total orders, and has the potential to ascend through the ranks. As of November 30, 2020, KuaiShou’s e-commerce gross merchandise value reached RMB 332.6 billion, more than 5 times the annual GMV of 2019. In addition to online marketing and e-commerce businesses, KuaiShou is also gradually increasing its presence in areas such as games, online knowledge sharing and services for daily living. Supported by the underlying technology and platform ecosystem, these businesses complement each other and form a prosperous business ecosystem, which in turn will support the scale and market value for KuaiShou in the future.