On 30 October 2026, Kuaishou Technology confirmed the closing of a RMB19.80 billion (USD2.91 billion) capital increase in its key operating subsidiary, Beijing Kling. All conditions under the previously announced Capital Increase Agreement have been satisfied and every participating investor has remitted the agreed subscription funds in full, marking formal completion of the transaction.

Key changes to the investor line-up

• Kingdee Software (China), Wenzhou Ruida, Gongqingcheng Junke, MetaX Shuzhi Technology (Shanghai) and Ningbo Zhichun Huayan assumed an aggregate RMB780.00 million of subscription commitments originally held by Dakang Lanwu. • Tianjin Yuanfeng took over RMB1.27 billion of the rights previously allocated to CPE Spruce, while CPE Spruce retained a USD64.00 million (RMB436.20 million) stake. • MetaX Shanghai and Tianjin Lisi Xingque assumed RMB47.00 million of Haipu No.1’s commitment; Haipu No.1 continues to contribute RMB330.00 million. • Capital Increase Agreements with Dakang Lanwu (RMB100.00 million outstanding) and BFI MIDCO (USD80.00 million outstanding) were terminated due to non-payment; both entities cease to be investors or parties to the Shareholders’ Agreement.

Redemption rights

Under new joinder agreements, Kingdee Software (China), Gongqingcheng Junke and MetaX Shanghai were granted the same redemption rights previously available to early-stage investors.

Post-transaction capital structure

Following completion and assuming full exercise of existing share incentive mandates: • Controlling shareholders Lucky Labs and Beijing Kuailingrui hold 68.69% of Beijing Kling’s equity. • Management, employees and shareholding platforms collectively control 15.08%. • External investors now own 16.23%, distributed across more than forty institutional and strategic participants. The largest single new investor is Tianjin Yuanfeng with 1.04% equity after contributing RMB1.27 billion; Shanghai Guofang Digital Technology Enterprise Management Partnership follows with 1.38% equity after a RMB1.69 billion investment.

Beijing Kling’s registered capital now stands at RMB95.67 million. The revised voting-rights structure mirrors the equity allocation, with controlling shareholders retaining 54.03% of votes, employee-related entities 32.49% and external investors 13.48%.

The completion of the capital increase finalises the financing round first disclosed on 2 July 2026 and updated on 31 August 2026, securing long-term funding and broadening Beijing Kling’s strategic investor base.