CGTN published this video item, entitled “BizBeat Ep. 32: Jubilation and caution behind the Kuaishou IPO” – below is their description.
For more:
https://news.cgtn.com/news/2021-02-06/BizBeat-Ep-32-Jubilation-and-caution-behind-the-Kuaishou-IPO-XF25o6UlZ6/index.html
As the biggest rival of Douyin, the domestic version of TikTok in China, Chinese video app company Kuaishou officially started trading today. It raised $5.4 billion in its Hong Kong IPO, making it the world’s biggest internet company IPO since Uber’s $8.1 billion debut in 2019, and is valued at nearly $61 billion. What’s driving the jubilation, and caution, of the world’s second largest short-video platform? To help us understand, CGTN’s Xia Cheng gives us a quick hand.
CGTN YouTube Channel
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In This Story: Hong Kong
Hong Kong, officially the Hong Kong Special Administrative Region of the People’s Republic of China (HKSAR), is a metropolitan area and special administrative region of the People’s Republic of China on the eastern Pearl River Delta of the South China Sea. With over 7.5 million residents of various nationalities in a 1,104-square-kilometre (426 sq mi) territory, Hong Kong is one of the most densely populated places in the world.
Hong Kong became a colony of the British Empire after the Qing Empire ceded Hong Kong Island at the end of the First Opium War in 1842. The colony expanded to the Kowloon Peninsula in 1860 after the Second Opium War and was further extended when Britain obtained a 99-year lease of the New Territories in 1898. The whole territory was transferred to China in 1997. As a special administrative region, Hong Kong maintains separate governing and economic systems from that of mainland China under the principle of “one country, two systems”.
In This Story: TikTok
TikTok, known in China as Douyin, is a Chinese video-sharing social networking service owned by ByteDance, a Beijing-based Internet technology company founded in 2012 by Zhang Yiming. It is used to create short music, lip-sync, dance, comedy and talent videos of 3 to 15 seconds, and short looping videos of 3 to 60 seconds.
ByteDance first launched Douyin for the Chinese market in September 2016. Later, TikTok was launched in 2017 for iOS and Android in most markets outside of mainland China; however, it only became available worldwide, including the United States, after merging with another Chinese social media service Musical.ly on 2 August 2018.
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