On June 2, Kuaishou Technology rose 3.31% in regular trading, trading at 48.18 HKD/share, with trading volume of 862 million HKD. The stock continues its upward trend fueled by a combination of strong Q1 earnings and growing expectations around a potential Kling AI spinoff listing.

On the earnings front, Kuaishou reported Q1 total revenue of 33.7 billion RMB with adjusted net profit of 3.4 billion RMB. The standout was Kling AI, which posted quarterly revenue exceeding 650 million RMB, surging over 300% year-over-year. Its March annualized revenue run rate approached 5 billion USD, far exceeding market expectations. Meanwhile, news of a potential independent listing for Kling AI has intensified institutional interest in AI asset revaluation. Daiwa raised its target price to 72 HKD with a Buy rating, while Morgan Stanley lifted its year-end ARR forecast for Kling to 1 billion USD. The company also conducted share buybacks totaling approximately 3.314 million shares on May 28-29, signaling management confidence.

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