HONG KONG: Chinese online short video start-up Kuaishou aims to raise up to $5 billion in a Hong Kong initial public offering (IPO) as early as January, people with direct knowledge of the matter told Reuters, for the city’s latest multibillion-dollar tech float.

The nine-year-old company, backed by social media and gaming giant Tencent Holdings Ltd, is targeting a valuation of over $50 billion, said the people, requesting anonymity due to confidentiality constraints.

The plans come as rival ByteDance – operator of Douyin and overseas counterpart TikTok – has become a target of U.S. government concerns over data security.

Kuaishou has hired Bank of America, China Renaissance and Morgan Stanley to work on the IPO and is looking to file for the float as soon as the end of October, the people said.

The company and banks did not respond to requests for comment.

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