A very popular application among young people and teenagers around the world, TikTok will suffer, in the days to come, from the crashing entry into the stock market of its main competitor, Kuaishou.
Kuaishou, the app’s rival TikTok, soared on Friday for its Hong Kong IPO, with a listing almost tripling from the IPO price.
According to BfmBusiness, in early trading, the stock rose 194% to 338 Hong Kong dollars, following an IPO that allowed the Beijing-based group to raise 4.5 billion euros.
This amount makes it the biggest IPO in the global tech sector since Uber’s on Wall Street in May 2019. Kuaishou, whose name means “quick hand”, is the second Chinese video-sharing social network after TikTok and its Chinese version, Douyin.
305 million daily active users
Kuaishou has also imposed its Zynn application abroad, whose particularity is to remunerate its users when they invite their friends to download the app, up to $ 20 (€ 17) per person. Just watching videos on Zynn also earns points, which can then be converted into cash.
The group, which employs nearly 20,000 people, posted sales of 40.7 billion yuan (5.2 billion euros) over the first nine months ended last September. Kuaishou claims an average of 305 million daily active users in China over this period. They spend an average of 86 minutes per day on the app. By comparison, TikTok has 800 million active people.
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