Kuaishou shares surge 161% in world's biggest IPO since 2019, valued at $159 bn

Chinese TikTok rival Kuaishou's shares jumped 161% on their first day of trading in Hong Kong on Friday, valuing the company at $159 billion. Kuaishou raised $5.4 billion in the world's largest Initial Public Offering (IPO) since Saudi Aramco's in December 2019. Kuaishou was the world's second-biggest short-video platform in the first nine months of 2020, its IPO prospectus said.