Kuaishou Surges 161% In Biggest Technology IPO Since Uber
Bloomberg 2/5/2021 Chloe Lo, Julia Fioretti and Ishika Mookerjee
(Bloomberg) Kuaishou Technology, the operator of China’s most popular short-video service after ByteDance Ltd.’s Douyin, jumped 161% in its Hong Kong debut after a $5.4 billion initial public offering that attracted hundreds of billions of dollars of orders.
The shares closed at HK$300 after rising to as high as HK$345, compared with the IPO price of HK$115, valuing the Tencent Holdings Ltd.-backed firm at $159 billion. The company sold shares at the top of its price range in a deal that ranks as the world’s biggest internet IPO since Uber Technologies Inc.’s $8.1 billion U.S. share sale in May 2019.
Hong Kong stock market finished higher after recouping early losses on Wednesday, 03 February 2021, in line with a global advance, as investors cheered strong earnings from Alphabet and Amazon.com as well as positive news related to Covid-19 vaccine supplies and U. S. stimulus plans.
However, market gains capped as the People s Bank of China drained some funds from the financial system and a private survey showed China s services sector activity grew at its slowest pace in nine months in January.
At closing bell, the benchmark Hang Seng Index inclined 0.2%, or 58.76 points, to 29,307.46. The Hang Seng China Enterprises Index added 0.37%, or 42.82 points, to 11,651.84.
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Hong Kong stock market finished session deep in the red on Thursday, 28 January 2021, joining the sell-off in global markets, on tracking negative lead from Wall Street overnight after the Federal Reserve flagged a potential slowdown in the economic recovery.
At closing bell, the benchmark Hang Seng Index declined 2.55%, or 746.76 points, to 28,550.77. The Hang Seng China Enterprises Index dropped 2.72%, or 317.21 points, to 11,334.03.
U.
S. stocks suffered their biggest single-day percentage drop in three months on Wednesday, with concerns about the impact of new, more contagious coronavirus strains, vaccine delays and stimulus uncertainty weighing on the markets.
Sentiments were also dampened by the US Federal Reserve, which left borrowing costs unchanged at its policy meeting, without promising any fresh monetary stimulus to counter the economic slump caused by the raging Covid-19 pandemic. The US economy was still a long way from full recovery and short of the inflation and