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Missing out on TikTok, Chinese billionaire now trying to beat it

Su Hua is the founder of a Chinese startup called Kuaishou Technology. In 2017 it was on the verge of acquiring TikTok, ByteDance Ltd swooped in with a better offer. Now, Kuaishou went public in Hong Kong in February and raised over $5 billion. Kuaishou is cranking up spending to close the gap with ByteDance. Kuaishou plans to expand in countries like Brazil and Indonesia. The company intends to double its global squad to 2,000 by year’s end. Today, Kuaishou has 1 billion monthly users across all products globally.

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