The Beijing-based short video platform disclosed the funding details in a regulatory filing released after the market closed on Thursday. The company was targeting a $15 billion valuation from the raise, Bloomberg reported<\/a>. <\/p>\n Kuaishou shares rose as much as 6.89% at Friday’s Hong Kong market open. The stock closed down 0.09% at HK$42.60. Hong Kong’s Hang Seng Index closed up 1.28%. <\/p>\n Stock Chart IconStock chart icon Tencent, which owns the generative AI platform Hunyuan, a domestic rival to Kling AI, is investing $200 million as part of the funding round, which raised a total of 19 billion yuan ($2.79 billion). The deal will dilute Kuaishou’s stake to 68%. <\/p>\n Beyond Tencent, the funding round drew a broad consortium of backers, including 21 independent investors.<\/p>\n CNBC previously reported<\/a> on the hype and intense competition surrounding China-based AI video generators, with Kling AI increasingly targeting growth outside its home market<\/p>\n Kling AI serves as a core creator studio offering AI-driven features and claims to reach more than 60 million creators globally after launching in June 2024.<\/p>\n Kuaishou is China’s second<\/a> most popular short-video platform, with a reported 700 million monthly active users spending more than 130 minutes per day with its services.<\/p>\n![\"hide](\"https:\/\/static-redesign.cnbcfm.com\/dist\/a54b41835a8b60db28c2.svg\")
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