The Tencent and Baidu-backed livestreaming app saw its shares almost triple on the first day of trading and is now valued at about $160bn.

China-based video streaming platform developer Kuaishou Technology raised $5.4bn today in an initial public offering on the Hong Kong Stock Exchange that scored exits for internet groups Tencent and Baidu. Kuaishou has built a short-form social video app with more than 300 million daily active users. Its chief rival, Douyin, is better known internationally as…

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