Kling AI, a spun-off unit of Chinese video app Kuaishou Technology, has picked banks for a Hong Kong initial public offering that could raise at least $1 billion, Bloomberg reported.
Kling, which develops AI video generation models, is aiming for a listing as soon as next year. The company is working with China International Capital Corp., Goldman Sachs and UBS on the share sale, according to the report. #🇨🇳 ChinA.I. 🤖🧠🦾🤖
Kling was spun off from Hong Kong-listed Kuaishou, a major competitor to ByteDance’s Douyin video app in China. Its public listing comes as it faces a tough battle in the AI video market against Chinese and American competitors such as ByteDance, Alibaba, MiniMax, Google and xAI.
In July, Kling raised nearly $3 billion at a pre-money valuation of $15 billion. Its investors include Chinese investment firms CPE and Guofang Investment, investment bank Citic Securities and Abu Dhabi-based investment firm BlueFive, as well as Tencent, Alibaba Cloud and Baidu.
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