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Kuaishou Trades at Twice IPO Price in Gray Market

  • Shares seen trading at HK$250 each, more than twice IPO price
  • Short-video app firm raised $5.4 billion in Hong Kong IPO
Bloomberg business news
Big Demand for Kuaishou IPO
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Institutional investors are buying Kuaishou Technology’s Hong Kong shares before its Friday debut at a significant premium to the listing price, underscoring the high level of demand for the world’s biggest internet initial public offering in two years.

Some trades were executed for HK$250 apiece in gray-market trading Monday, according to people familiar with the matter, who asked not to be identified as they are not authorized to speak to the media. That’s more than double the listing price of HK$115 and a bigger premium than the 50% jump on Ant Group Co.’s planned Hong Kong offering before it was scrapped.