HK Stock Market Move | KUAISHOU-W(01024) rose over 3% in early trading; Kling AI is reported to plan a Hong Kong listing next year to raise at least US$1 billion.

KUAISHOU-W(01024) rose over 3% in early trading. As of press time, it was up 2.85% at HK$30.34, with a turnover of HK$366 million. On the news front, according to Cailian Press, Kuaishou's video generation large model Kling AI is reportedly planning to list in Hong Kong as early as next year, raising at least US$1 billion. Public information shows that in July this year, Kling AI completed a US$2.8 billion financing round, with investors including tech giants such as Alibaba, Tencent, and Baidu; after the completion of that financing round, Kling AI's pre-money valuation was approximately US$15 billion. It is worth noting that Kling AI's brand-new model Kling 4.0 has begun internal testing and will be officially launched in October. Among them, Kling 4.0 Flash was the first to open for small-scale experience on September 28. CICC pointed out that for content producers, the upgrades in 4.0 in long-shot continuity, keyframe control, and multimodal reference effectively lower the creation threshold for high-precision scenarios such as medium- and long-form dramas and film and television special effects. Such scenarios have higher requirements for generation quality and controllability, and customers' willingness to pay and stickiness are correspondingly stronger. The bank believes this is expected to become an important direction for the upgrading of Kling's revenue structure.