Tencent Mobility to raise up to $1.55bn from Kuaishou sale
Business
Tencent Mobility (part of the Chinese tech giant Tencent) is set to raise up to $1.55 billion by selling its stake in Kuaishou, the popular short-video and livestreaming app.
About 273 million shares are up for grabs, with prices set between HK$43.15 ($5.50) and HK$44.53 each.
Discounted shares, proceeds to Tencent Mobility
These shares are being sold at a 3.2% to 6.2% discount compared to Kuaishou's last closing price, and all proceeds go straight to Tencent Mobility, not Kuaishou itself.
Neither company has commented yet.