“WE AIM to be the most customer-obsessed company in the world,” declares the opening line in the 700-page prospectus from Kuaishou, a Chinese video app. The firm, launched a decade ago by a former software engineer at Google and another at Hewlett-Packard, boasts more than 300m daily active users, up from an average of just 67m in 2017. On February 5th Kuaishou listed in Hong Kong to great fanfare: share prices surged by 161% after the first day, valuing the company at a cool $159bn. That instantly lifted it above better-known social-media titans like Twitter (worth $45bn) and Snap ($87bn). Kuaishou’s shares were more than 1,200 times oversubscribed by
→ Continue reading at The Economist
