Kuaishou-backed Kling AI is close to completing a US$3 billion fundraising round at a US$18 billion valuation. The company aims to start its Hong Kong listing process within a year.
Kuaishou Technology's spin-off Kling AI is close to completing a US$3 billion fundraising round at a post-investment valuation of US$18 billion.
The valuation was narrowed from an initial target of US$20 billion set in April. Tencent is among the investors backing the round.
Kuaishou disclosed in a May 12 filing that it was assessing a proposal to restructure Kling AI. It expects to start the Hong Kong Stock Exchange listing process within the next 12 months. Funds would support computing and data centres as well as talent acquisition.
Kuaishou's Hong Kong-listed shares closed up 1.46 per cent at HK$41.60 on Wednesday.
