A Chinese TikTok competitor, funded by Tencent, is exploring an initial public offering that could raise up to $5bn (£3.88bn) for the company, it has been reported.
Kuaishou is currently working on a share sale for early next year in Hong Kong, according to Bloomberg and The Information.
Discussions are believed to be at an early stage with the exact size and timeline still uncertain.
The Chinese company is the largest rival to ByteDance’s Douyin, the domestic version of the social media sensation TikTok.
Kuaishou, which translates to “quick hand”, has gained popularity amongst users across China with videos of everyday life proving increasingly popular. Late last year, the video app - which raised $350m from Tencent in 2017 - was valued at up to $25bn but now it appears it could be worth up to $50bn after the listing.
It was reported that Kuaishou had looked at a listing in the US but moved against it given ongoing tensions between the two countries.
ByteDance and Kuaishou’s offerings differ in that TikTok is heavily dependent on advertising whereas its competitor is about friends sharing content with user generated revenues through tips.
The app is largely popular in its home market but its short-video app Zynn has registered high levels of downloads in recent months in the US.
Didi Chuxing executive Tony Qiu was hired in July to lead the company’s global push, Bloomberg reported.
ByteDance is closing in on a deal that will see Oracle take a significant stake in its US operations in a bid to assuage the fears of US president Donald Trump.
The president has insisted that the company poses significant threats to the US, a claim repeatedly rebuffed by ByteDance.