Kuaishou shares surged over 7% in Hong Kong after Keling AI completed a financing round of approximately US$3 billion.
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Kuaishou's Hong Kong-listed shares opened more than 6% higher.
Mars Finance reported on July 3 that Kuaishou's Hong Kong-listed shares opened more than 6% higher. According to the Beijing News, Kuaishou's video generation big data model, Keling AI, has secured nearly $3 billion in funding, with a post-investment valuation expected to reach $18 billion. (Science and Technology Treasure Broadcast)
Kuaishou's subsidiary, Keling AI, plans to raise $3 billion at a valuation of $18 billion and intends to list in Hong Kong.
According to ChainCatcher, citing sources familiar with the matter, Kling AI, the AI video generation startup spun off from Kuaishou, is about to complete a $3 billion funding round, valuing the company at $18 billion post-money. Tencent participated in this round of investment. It is understood that this final valuation is lower than the initial target of $20 billion set in April of this year. The sources further indicated that with the release of its latest AI video model driving a surge in annual recurring revenue, Kling AI plans to initiate its Hong Kong listing process within the next 12 months. The funds raised in this round, along with future IPO proceeds, will primarily be used for infrastructure construction such as computing power and data centers, as well as talent recruitment and retention.
Hong Kong-listed tech stocks surged during trading, with Meituan rising 8.5%.
According to Mars Finance, citing Jinshi Data, Hong Kong-listed technology and internet stocks collectively surged during trading. Market data shows that Meituan (03690.HK) performed strongly, rising 8.5%; Tencent Holdings (00700.HK) followed suit with gains exceeding 5%; Xiaomi Group (01810.HK) rose over 3%; in addition, Alibaba (09988.HK) and Baidu (09888.HK) also rose simultaneously, both exceeding 2%.
Fengcheng Holdings surged nearly 27%, Gate.com provides one-stop insights into Hong Kong stock market hotspots.
According to Odaily Odaily, some popular stocks in the Hong Kong stock market performed actively today. Data from the Gate platform shows that the top three gainers in the Hong Kong stock market are Fengcheng Holdings (+26.66%), Zhida Technology (+23.84%), and China Huajun (+20.53%). Among them, Fengcheng Holdings' single-day increase of nearly 27% reflects the market's continued focus on highly volatile Hong Kong stocks. Gate.com has established a 24/7 trading service system covering three core markets: US stocks, Hong Kong stocks, and Korean stocks. It supports over 10,000 US stocks and ETFs, over 1,500 Hong Kong stocks, and over 1,000 Korean stocks, totaling over 12,500 stocks and ETFs globally. Users can participate in global stock investment through their Gate.com unified account using USDT, supporting fractional share transactions starting from as low as 0.01 shares, and enjoying stock dividend rights. The platform also supports cross-brokerage transfers for US and Hong Kong stocks, as well as corporate actions such as stock splits and consolidations, further optimizing the stock investment service experience.
Kuaishou (01024.HK) closed up nearly 8% in Hong Kong stocks.
According to Odaily Odaily, Hong Kong stocks closed with the Hang Seng Index rising 1.14% and the Hang Seng Tech Index rising 0.94%. Innovative drug concepts strengthened, and tech stocks rebounded. China Biopharmaceutical (01177.HK) rose 6.5%, Kuaishou (01024.HK) rose nearly 8%, and Tencent Holdings (00700.HK) rose 4.8%.
Hong Kong Financial Secretary Paul Chan: 70% of offshore RMB settlements are completed through Hong Kong, with monthly settlement volume exceeding RMB 41 trillion.
PANews reported on July 5th that Hong Kong Financial Secretary Paul Chan Mo-po published a statement outlining his commitment to continuing to promote the internationalization of the RMB and the interconnectivity of financial markets, further consolidating Hong Kong's position as a global offshore RMB hub. Data shows that over 70% of global offshore RMB payments and settlements are currently completed through Hong Kong; the scale of RMB interbank settlements within the local banking system has exceeded RMB 41 trillion, equivalent to approximately RMB 2 trillion per day. With China expanding its high-level opening-up and enterprises accelerating their globalization efforts, the demand for RMB in cross-border trade, investment, and fund settlement will continue to rise, driving further expansion of the offshore RMB market. In terms of policy support, the Hong Kong Monetary Authority, with the assistance of the People's Bank of China, has launched an RMB funding arrangement mechanism to reduce banks' costs of obtaining RMB funds, supporting trade finance and corporate operational needs. Several banks have already expanded their related businesses based on this mechanism.