HK Stock Market Move | KUAISHOU-W (01024) rises nearly 3%; Kling 4.0 will officially launch in October, and conversion of high-threshold customers is expected to increase structural revenue.

KUAISHOU-W (01024) rose nearly 3% in late trading, up 2.31% as of press time to HK$30.94, with turnover of HK$655 million. On the news front, Kuaishou's Kling AI recently announced that the fully upgraded Kling 4.0 will officially launch in October, with Kling 4.0 Flash opening for limited small-scale trials on September 28. CICC noted that for content producers, the upgrades in 4.0 regarding long-shot continuity, keyframe control, and multimodal reference effectively lower the creative threshold for high-precision scenarios such as medium-to-long-form drama and film/TV visual effects. Such scenarios have higher requirements for generation quality and controllability, and customers accordingly show stronger willingness to pay and stickiness, which the bank believes is expected to become an important direction for upgrading Kling's revenue structure. CICC stated that Kling's ARR had already reached the US$500 million level as of March 2026, and this version iteration's breakthroughs in narrative continuity and professional specifications continue its commercialization path targeting professional scenarios, which is expected to further push its ARR level to a new stage. It is recommended to closely track the official version's generation quality and customer conversion data in high-threshold scenarios such as medium-to-long-form drama and film/TV post-production going forward. Combined with the US$3 billion financing transaction (post-money valuation of US$18 billion) and subsequent spin-off IPO expectations, valuation catalysts are.