Kuaishou 快手, a short-video social media platform from China (and also TikTok's major competitor), has raised $5.4 billion from their Hong Kong IPO last Friday.

The Tencent-backed company's shares will be publicly tradable on the Hong Kong stock market starting February 5th, with the company's share price starting at $115 per share.

Kuaishou's IPO marks the second largest IPO debuting on the Hong Kong stock market, trailing behind Alibaba Group's IPO that raised $13 billion in 2019.

Demand for Kuaishou's shares were so strong among retail investors, recording subscription bids crossing $164.8 billion in value — many of them being millennials.

“We’ve had over HK$200 billion worth of applications. Customer demand exceeded our expectations, especially from millennials,” said Ryan Haugarth, head of retail securities, wealth and personal banking for Hong Kong, HSBC

Despite massive demand for Kuaishou's shares, the company is still running at a loss.

The company has been unprofitable for the past 3 years, reporting a loss of $15 billion in the last 9 months.

Kuaishou currently averages around 262.4 million daily active users, a 59% rise from the previous year.