|New monster tech IPO is a video app giving voice to China’s “silent majority”|
Kuaishou, “fast hand”, originated as a graphics sharing site in 2011, is now the second-largest short video platform in China. Kuaishou markets itself as a platform for grassroot creators with mid-sized followings who provide insights into the lives of those outside China’s most cosmopolitan cities. Around 23 million creators makes money through the app as users can send virtual gifts to reward creators they like. Kuaishou recently went public in February 2021 and raised $5.4 billion, the biggest tech IPO since Uber in 2019. However, platforms like Douyin and Kuaishou face great uncertainty about their future as China increases its regulatory pressures on tech firms.
|Excerpt||The irony is Kuaishou’s “ordinary folks” ethos is about to make its founders very rich when the platform goes public in Hong Kong in February.|
|Publish Date||Febrary 3, 2021|