Chinese short video social media giant Kuaishou Technology has issued its first offshore bonds, raising the equivalent of USD2 billion through a dual-currency offering on the HKEX. Simpson Thacher, Appleby, Haiwen & Partners, Linklaters and Fangda Partners provided legal support.
The issuance comprised three tranches: two US dollar-denominated bonds totalling USD1.5 billion under Rule 144A and Regulation S, including USD600 million maturing in 2031 with a 4.125% coupon, and USD900 million maturing in 2036 with a 4.75% coupon, as well as a RMB3.5 billion offshore renminbi-denominated bond due in 2031 with a 2.45% coupon, issued under Regulation S.
Disclosure documents state that the proceeds will be used for general corporate purposes. Bloomberg reported that the funds would primarily support Kuaishou’s R&D in artificial intelligence (AI).
Simpson Thacher advised Kuaishou on US and New York law. The team included capital markets partners Gao Yi, Daniel Fertig and Christopher Wong, counsel Carol Chan and registered foreign lawyers Andrew Laub and June Hu. Partners Nicholas Ridleyand Justin Browder, as well as counsel Adam Lovell advised on US Investment Company Act matters, while counsel Michael Mann acted on tax.
Appleby advised Kuaishou on Cayman Islands law, led by partners David Bulley and Calamus Huang, while Haiwen & Partners acted on PRC law.
Linklaters counselled the underwriters on US and New York law, led by partners Christine Xu and Fang Min, and counsel Christian Felton. Counsel Ding Beibei led the capital markets team advising the trustee, with support from Michael Lamson of the litigation, arbitration and investigations team, as well as US tax counsel Omer Harel. Fangda advised the underwriters on PRC law.
Kuaishou is one of China’s leading short video platforms, with business spanning online marketing, e-commerce, livestreaming, its proprietary AI product Kling AI and international ventures.
The company has steadily increased its investment in AI in recent years. Its third-quarter 2025 financial report shows revenue from its other services section grew by 41.3% year-on-year, driven by the performance of Kling AI and e-commerce, with revenue from Kling AI alone exceeding RMB300 million (USD43 million). Kuaishou plans to further expand its AI technologies and applications in the future.
