Shares of Chinese online video company Kuaishou Technology surged more than 6.7% on Wednesday, driven by strong investor demand as a major shareholder announced plans to sell a significant stake in the company.
Venture capital firm DCM is seeking to offload 91.66 million shares in Kuaishou, worth up to $479 million, according to a term sheet seen by Reuters. The offer price range is set between HK$40.28 and HK$41.14 per share, with Morgan Stanley acting as the sole bookrunner for the share sale.
The move by DCM to sell such a large stake in Kuaishou is seen as a vote of confidence in the company's future prospects and growth potential. Major shareholders typically offload shares when they believe the stock is undervalued and expect strong demand from investors.
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