Bids for shares of TikTok rival Kuaishou reach triple of IPO price – Nikkei Asia

HONG KONG — Retail investors in Hong Kong are bidding for shares of Chinese short-video platform Kuaishou Technology at a premium of as much as 266% ahead of its market debut on Friday, underscoring the enormous appetite that saw the company break IPO subscription records.

The shares touched HK$322.80 on the gray-market platform run by Phillip Securities Group and HK$421 at Futu Securities, an online brokerage backed by Tencent Holdings, early Thursday evening. That compares with the stock’s issue price of HK$115, the top end of the range at which they were marketed.

https://asia.nikkei.com/Business/Markets/IPO/Bids-for-shares-of-TikTok-rival-Kuaishou-reach-triple-of-IPO-price