Kling AI Selects Banks for Hong Kong IPO Targeting at Least $1 Billion

Kuaishou Technology's AI video generation unit Kling AI has selected China International Capital Corporation, Goldman Sachs and UBS as underwriters for a potential Hong Kong initial public offering, according to people familiar with the matter. The IPO is expected to raise at least $1 billion, with the company targeting a listing as early as 2027. Deliberations are ongoing and details such as fundraising size and timing may still change.

Founded in 2024, Kling AI focuses on generative AI video services and has been actively pursuing commercialization. In July this year, the company completed a $2.8 billion funding round backed by Alibaba, Tencent and Baidu, after which its pre-investment valuation reached approximately $15 billion. Competitors include ByteDance's Seedance, as well as startups Shengshu Technology and PixVerse, which are also planning Hong Kong listings.