According to foreign media reports citing people familiar with the matter, Kuaishou Technology's Kling AI has selected underwriters and is preparing for an initial public offering in Hong Kong, with the IPO aiming to raise at least $1 billion.

The reports said the people familiar with the matter stated that the AI video service provider is currently working with CICC, Goldman Sachs Group, and UBS Group to advance the potential share sale. Kling AI aims to complete the listing as early as next year. The people added that discussions are still ongoing, and details such as the financing scale and listing timetable may still change. As of press time, Kling AI had no response to this.

In July this year, Kling AI secured nearly $3 billion in financing, led by CPE, Guofang Venture Capital, BlueFive, Tencent, Zhongguancun Science City Fund (jointly with Guoke Investment), and CITIC Securities, with the participation of dozens of first-tier institutions. It is understood that the round brought together top industrial capital including Alibaba Cloud and Baidu, while leading entertainment industry players such as Huace Film & TV and Mango Industrial Investor (Houwei Capital) also actively participated.