A major initial public offering (IPO) in Hong Kong was just completed by Kuaishou, a Chinese video and live streaming app that has received blockbuster popularity across China. The app is by far the biggest adversary of Douyin, the Chinese version of TikTok, and Kuaishou’s generates maximum of its revenue from its tipping business, unlike many Western video sites and apps that generate money from ads and subscriptions.

On Friday, Kuaishou’s shares opened in Hong Kong at a value of HK$338 ($43.6) apiece, a 194 percent leap from its HK$115 ($14.8) IPO mark. This slingshots the market cap of Kuaishou to nearly HK$1.4 trillion ($180 billion). With a total of 365,218,600 shares, minus the over-allotment option, the company pocketed around $5.4 billion from the listing.

Funded by Tencent, Kuaishou now has a replenished its strategy to invest in growth and potentially work for profitability. The app reported an adjusted net loss of 7.2 billion yuan ($1.1 billion) over the first nine months of 2020, compared to an adjusted profit of 1.8 billion yuan in the same timeframe a year ago.

Like Douyin, Kuaishou started as a platform which allow users post and share videos of 15 seconds length and then added feature of doing live streaming. As the influencers who have garnered a good amount of following across the platform, certainly need features to interact with their fans. So Kuaishou added live streaming and virtual gifting features where influencers can interact with their followers and nurture the engagement further.