China TikTok-Rival Kuaishou Craters, Widens China Tech Rout

Shares plummet 15% after a post-IPO lockup on sales expired
State media criticizes “vulgar” content on video platforms

WATCH: TikTok rival Kuaishou fell the most on record. Meanwhile, TikTok-owner ByteDance laid off hundreds of employees. Stephen Engle reports. (Source: Bloomberg)

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By Zheping Huang

August 5, 2021 at 6:57 AM UTC

Updated on

August 5, 2021 at 12:00 PM UTC

This article is for subscribers only.

Kuaishou Technology fell the most on record after a post-listing lockup on sales of its shares expired, underscoring the extent of investors’ fears about a widening Chinese online crackdown.

The company fell more than 15% in Hong Kong, the most since a February listing. A six-month lockup period on the TikTok rival expired Aug. 4, allowing some of the video giant’s backers to finally dump their stock. Kuaishou was the biggest loser on the Hang Seng Tech Index, which fell as much as 2.6% Thursday.