DEALS
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.
Founders Fund signs up for a Miami office.
Daily Hunt's short video platform Josh has raised $100 million from Qatar Investment Authority.
IDG Capital co-leads $390 million round in Chinese vocational edtech startup Fenbi.
Chinese marketing services firm Baosheng Media Group files and sets terms for a $28 million US IPO. Baosheng CEO Ms. Wenxiu Zhong is in Beijing.
Pony.ai raises $100 million more from Sequoia, Legend Capital and IDG Capital to advance autonomous vehicle tech, bringing the total to more than $1 billion.
Online math learning platform Cuemath nabs $40 million in funding from Capital G and Sequoia Capital India.