Report
EUR 88.49
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As of six months ended Jun 2020, it had 302m daily active users (DAUs), who spent 85 mins on average on the app every day. It also had 776m monthly active users (MAUs) and total e-commerce GMV of RMB109.6bn. On an average 1.1bn short videos were uploaded on its app during 1H20.
As per iResearch, Kuaishou was globally the largest live streaming platform by gross billings from virtual gifting and average live streaming MPUs, the second largest short video platform by average DAUs, and the second largest live streaming e-commerce platform by GMV, over six months ended June 30, 2020.
KT’s revenue has grown by 4.7x over FY17-19, while its gross profit has grown by 5.4x. However, after remaining profitable throughout, the company reported losses in 1H20, for reasons that it hasn’t clearly explained. Moreover, revenue from its mainstay, live streaming, has been slowing down, while it appears to have lost market share for online marketing and it hardly charges any commissions for e-commerce.
Kuaishou Technology Pre-IPO
Kuaishou Technology (KT) is a content community and social platform. The company is backed by Tencent, Sequoia China, Baidu, DST Global, Boyu Capital, Temasek and others.As of six months ended Jun 2020, it had 302m daily active users (DAUs), who spent 85 mins on average on the app every day. It also had 776m monthly active users (MAUs) and total e-commerce GMV of RMB109.6bn. On an average 1.1bn short videos were uploaded on its app during 1H20.
As per iResearch, Kuaishou was globally the largest live streaming platform by gross billings from virtual gifting and average live streaming MPUs, the second largest short video platform by average DAUs, and the second largest live streaming e-commerce platform by GMV, over six months ended June 30, 2020.
KT’s revenue has grown by 4.7x over FY17-19, while its gross profit has grown by 5.4x. However, after remaining profitable throughout, the company reported losses in 1H20, for reasons that it hasn’t clearly explained. Moreover, revenue from its mainstay, live streaming, has been slowing down, while it appears to have lost market share for online marketing and it hardly charges any commissions for e-commerce.
Underlying
BEIJING KUAISHOU TECHNOLOGY
Provider
Aequitas Research
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Sumeet Singh
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