On July 6, Kuaishou-W rose 3.15% in regular trading, trading at HK$43.96/share, with turnover of HK$598 million, extending the upward trend following last week's financing announcement.

On the news front, Kuaishou officially announced on July 2 the spin-off of its Kling AI unit with completion of nearly $3 billion in independent financing at a post-money valuation of $18 billion, setting a record for the largest single-round financing by a global multimodal AI model company. Fifteen external investors participated, including Tencent, Alibaba, and Baidu. Post-transaction, Kuaishou retains approximately 68.33% equity and maintains consolidation. In Q1, Kling AI revenue exceeded RMB 650 million, with YoY growth surpassing 300%, and March annualized revenue run-rate approaching $500 million.

Morgan Stanley maintained an Overweight rating with a HK$65 target price, noting that after stripping out Kling's implied valuation, Kuaishou's core business trades at roughly 3x forward P/E — a level deemed highly attractive. CICC maintained an Outperform rating with a HK$72.8 target price.

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