Kuaishou disclosed on Thursday that its artificial intelligence video unit, Kling AI, is pursuing roughly US$3 billion in its inaugural external fundraising round, according to a filing with the Hong Kong stock exchange. The move marks a significant capital injection into the Beijing-based company's AI ambitions.
This development comes as Kuaishou, best known for its short-video platform, deepens its bet on generative AI technology. The round attracted a diverse group of backers, including major Chinese tech firms, state-backed investment funds, and entertainment industry players, signaling broad institutional interest.
Under the terms outlined in the filing, the fundraising targets $3 billion, though exact allocations remain undisclosed. The SCMP first reported the pending round on Wednesday before the official announcement.
The capital will likely fuel Kling AI's expansion in video generation and related AI applications, intensifying competition with peers like Baidu and ByteDance. Investors are watching closely as the deal underscores China's push to lead in AI development despite regulatory headwinds.
Some analysts caution that valuation expectations may be optimistic given the crowded AI landscape and ongoing scrutiny of tech fundraising in Hong Kong. The success of this round could set a benchmark for other Chinese AI startups seeking capital.