(Bloomberg) Kuaishou Technology surged in Hong Kong’s gray market trading, in a sign that one of the city’s biggest initial public offerings in years is off to a good start.

The short-video startup, backed by Tencent Holdings Ltd., advanced by as much as 181% to HK$322.80 on Thursday on an over-the-counter retail platform operated by Phillip Securities Group.If the stock rises by as much during its debut on Friday, it would become the second-best debut for an IPO over $1 billion in Hong Kong on record.Kuaishou’s shares were more than 1,200 times covered in the retail segment.The technology company received about 1.4 million applications from local investors, meaning that one of every five people in the city subscribed to buy shares.

source: https://www.bloomberg.com/news/articles/2021-02-04/kuaishou-technology-surges-142-in-hong-kong-gray-market-trading