Kuaishou Technology, the main rival to ByteDance Ltd. in China, is seeking to raise as much as US$5.4 billion ($7.17 billion) in Hong Kong in what would be the world’s biggest internet initial public offering since Uber Technologies Inc.

The short video startup, backed by Tencent Holdings Ltd., is selling 365 million shares at HK$105 ($17.98) to HK$115 each, according to terms of the deal obtained by Bloomberg News. The company will start taking investor orders from Monday through Jan. 29 and is slated to list on Feb 5.

Kuaishou is attempting the world’s biggest internet IPO since Uber’s US$8.1 billion US share sale in May 2019, according to data compiled by Bloomberg. The Chinese startup’s IPO will also give another boost to Hong Kong’s already-hot capital market and could become Asia’s largest since Budweiser Brewing Co. APAC Ltd.’s US$5.8 billion float almost two years ago.

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