Shares of Kuaishou Technology fell more than 6 per cent on Tuesday morning after Tencent Holdings slashed its stake in the short-video platform by selling 273 million Class B shares, just days after leading a US$3 billion financing round for Kuaishou’s artificial intelligence video unit, Kling AI. The divestment will reduce Tencent’s shareholding in Kuaishou to 9.37 per cent from 15.68 per cent, meaning the tech giant would cease to be a substantial shareholder, according to a Kuaishou filing to...
Chinese short video giant Kuaishou said on Thursday evening that its artificial intelligence video arm, Kling AI, was seeking to raise around US$3 billion in its first external fundraising round, according to a filing to Hong Kong Exchanges and Clearing. The funding round, first reported by the South China Morning Post on Wednesday, was backed by a long list of investors, spanning Chinese technology heavyweights, state-backed investment vehicles and entertainment industry participants. Baidu,...
Kuaishou-backed Kling AI is close to completing a US$3 billion fundraising round that would value the company at US$18 billion post-investment, according to people familiar with the matter, as competition intensifies in China’s artificial intelligence video generation sector. The latest valuation was narrowed from an initial target of US$20 billion set in April, when Chinese short-video giant Kuaishou first planned to spin off Kling AI, according to a source, reflecting the shifting market...