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Hong Kong-listed shares of Kuaishou Technology (HK:1024) climbed more than 6% on Thursday after its spun-off artificial intelligence business, Kling AI, secured an initial $2 billion in venture capital funding to accelerate product development and global expansion.
The rally pushed Kuaishou shares to their highest level in more than a week, outperforming the broader Hang Seng Index, which gained 1.7% during the session. Investor sentiment was boosted by confidence in Kling AI’s growth prospects as demand for generative AI tools continues to rise worldwide.
According to the company, the latest fundraising values Kling AI at approximately $18 billion before the new investment. The funding round could increase to around $3 billion if additional investors participate. Following the transaction, Kuaishou’s ownership stake is expected to decline to about 68%. Before the fundraising, Kling AI carried a valuation of roughly $15 billion.
Earlier this year, Kuaishou confirmed it was exploring a restructuring plan for Kling AI by bringing in outside investors, although it noted at the time that discussions were still preliminary and no binding agreements had been finalized.
Kling AI specializes in generative artificial intelligence that transforms text prompts into high-quality videos and short films. The company competes with major Chinese AI developers, including ByteDance’s Seedance and startup Shengshu, as competition intensifies in the rapidly expanding AI video-generation market. The technology is increasingly being adopted by filmmakers, advertisers, content creators, and enterprise clients seeking AI-powered video production solutions.
The AI unit has emerged as one of Kuaishou’s fastest-growing businesses. Its annual recurring revenue (ARR)increased to around $500 million in March, up from $300 million in January, following the launch of Kling 3.0. During the first quarter, Kling AI generated more than 650 million yuan (about $96 million) in revenue, representing an increase of over 300% year-over-year.
The newly raised capital is expected to strengthen Kling AI’s research and development efforts, expand its product portfolio, and accelerate its international growth strategy. As competition among Chinese AI companies heats up, the funding provides Kling AI with additional resources to enhance its technology and capture a larger share of the global AI video generation market, while reinforcing Kuaishou’s position in the fast-growing artificial intelligence industry.
