China Renaissance Served as Joint Sponsor for Kuaishou’s Milestone Hong Kong IPO

Kuaishou is also a Portfolio Company of China Renaissance’s Huaxing Growth Capital Fund

HONG KONG, Feb. 5, 2021 /PRNewswire/ — China Renaissance (“China Renaissance”, stock code: 1911.HK) served as joint sponsor, joint global coordinator, joint bookrunner and joint lead manager for the successful initial public offering (“IPO”) of Kuaishou Technology (“Kuaishou” or the “Company”, stock code: 1024.HK) on the Hong Kong Stock Exchange.

Kuaishou, a leading content community and social platform, raised approximately US$5.4 billion in its listing with a total of 365,218,600 shares (excluding the overallotment option) priced at HK$115 per share. The IPO was backed by a group of globally renowned cornerstone investors, including Capital Group, Temasek, GIC, Invesco, Fidelity International, BlackRock, CPP Investments, Boyu Capital Group, Morgan Stanley Asia Limited, Morgan Stanley Investment Management and Abu Dhabi Investment Authority, and was oversubscribed by other long-only funds, hedge funds and leading Chinese institutions.

Kuaishou’s mission is to help people discover their needs and use their talents in order to find their unique brand of happiness and it aims to be the most customer-obsessed company in the world. Globally, Kuaishou is the largest live streaming platform by gross billings from virtual gifting and average live streaming monthly paying users (“MPU”) ^[1], the second largest short video platform by average daily active users (“DAU”) ^[2], as well as the second largest live streaming e-commerce platform by gross merchandise value (“GMV”) ^[3].

China Renaissance has a long-standing relationship with Kuaishou, supporting the Company through its various stages of growth. This includes serving as the exclusive financial advisor for Kuaishou’s Series D funding round in 2017 and introducing Tencent as a strategic investor. Huaxing Growth Capital, the flagship investment arm of China Renaissance, also participated as an investor in the Series D round. Leveraging the firm’s deep understanding of Kuaishou and its strong track record serving New Economy companies, China Renaissance’s investment banking team played a key role in the Company’s successful IPO, including securing participation from a number of quality long-only and hedge funds.

Fan Bao, Chairman and Chief Executive Officer of China Renaissance, said: “Our long-term relationship with Kuaishou is a testament to our ability to provide the full lifecycle of trusted investment services and offerings to New Economy champions as they take their next steps on the global stage. Kuaishou’s inherent advantages, including being a pioneer in the short video and live streaming industry and innovative technology platform, positions it well to lead the next evolution of mobile Internet that will drive further engagement, creativity and sharing from its hundreds of millions of loyal users. We believe that Kuaishou is just scratching the surface of what it can deliver, and we are excited to continue partnering with Kuaishou’s forward-thinking team as they create lasting value for the Company’s users and shareholders.”

Jason Lam, President of China Renaissance Securities (Hong Kong), said: “Kuaishou’s successful Hong Kong IPO reflects the confidence the global capital markets have in the Company. We are honored to have worked alongside the Company on this landmark listing. As Kuaishou’s long-term capital markets partner, China Renaissance looks forward to working with the Company as it executes its long-term strategy to capitalize on the tremendous opportunities that lie ahead.”

China Renaissance’s leading position as a one-stop global financial services provider for China’s New Economy sector is reflected in the number of high profile IPOs that it has led over the past three years. This includes the Hong Kong IPOs of Meituan, JD.com, JD Health, ZTO Express, Pharmaron, Maoyan Entertainment, Pop Mart, JHBP, Strawbear Entertainment, as well as the U.S. IPOs of KE Holdings, Pinduoduo, Yatsen Holding, iQIYI, Tencent Music, Lufax, Chindata Group, I-MAB and TCR² Therapeutics.

Over the past year, China Renaissance was the key advisor for 18 overseas IPOs and follow-on offering transactions for Chinese New Economy companies, with an underwriting value of over US$23.7 billion. This includes 10 large-scale transactions that raised more than US$500 million.