PRC video app Kuaishou, a rival to China's Douyin (or TikTok in the U.S.) listed on the HKSE last week, and was 1,000x oversubscribed. Raising $5.4 billion in the biggest tech IPO since Uber, Kuaishou’s stock has nearly tripled, for a market cap of $160 billion on revenues of $6 billion. Credit for calling the deal goes to Ruby Lu and to DCM investors Hurst Lin in Shanghai and David Chao in Silicon Valley.
$40 million that DCM put into Kuaishou is now worth about $12 billion.
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