On October 6, foreign media reported that Kling AI, a unit of Kuaishou (1024.HK), has selected banks to work on a Hong Kong initial public offering that could raise at least $1 billion.

People familiar with the matter said Kling AI is working with CICC, Goldman Sachs and UBS on the Hong Kong listing, aiming to go public as soon as next year.

The sources said discussions are still ongoing and details including the fundraising size and listing timetable could change. Kuaishou did not respond to a request for comment.

As of the Hong Kong market close on the 6th, Kuaishou shares rose 2.31%.

On July 2, Kling AI closed a financing round of nearly $3 billion, with a post-money valuation expected to reach $18 billion.

The round set a record for the largest financing by a global video large-model company, marking the official start of its independent commercialization.

This round was led jointly by CPE Yuanfeng, Guofang Venture Capital, BlueFive, Tencent and the Zhongguancun Science City Fund (in partnership with Guoke Investment), along with CITIC Securities, and joined by dozens of first-tier institutions. It is understood that the round brought together top industrial capital including Alibaba Cloud and Baidu, with active participation from leading entertainment industry players such as Huace Film & TV and Mango industry investor Houwei Capital.

On August 19, Kuaishou Technology released its results for the second quarter of 2026. The financial report showed that Kuaishou's total revenue in the second quarter reached 35.5 billion yuan. Among this, Kling AI's operating revenue exceeded 850 million yuan, up more than 200% year on year.

On August 31, the Kuaishou board announced that Kling had entered into joinder agreements with the National Artificial Intelligence Industry Investment Fund Partnership (the "National AI Fund") and CP Robot, respectively, under which the National AI Fund and CP Robot each agreed to become parties to the capital increase agreement as additional investors and to inject cash capital of 1.4 billion yuan and about $19.29 million (about 131 million yuan) respectively into Beijing Kling, accounting for approximately 1.14% and 0.11% of Beijing Kling's registered capital after the implementation of the subscription and the subsidiary's share participation plan.