Shares in ByteDance’s main competitor in China tumbled after the company’s losses widened on growing signs that users in the country are spending less on its livestreaming services.
Kuaishou’s short video app faces stiffening competition from ByteDance’s Douyin, the Chinese version of TikTok, and online shopping groups such as Alibaba and Pinduoduo which have also pushed into selling goods via livestreaming.
The company’s shares fell 11.5 per cent in Hong Kong on Tuesday, erasing as much as $14bn off Kuaishou’s market capitalisation. The initial public offering of Kuaishou, which is backed by Chinese internet group Tencent, raised more than $5.4bn in February.
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