Kuaishou Forms Strategic Partnership With Formula E
Tencent Holdings Ltd. (HKEX: 00700; OTC TCEHY)-backed Chinese short video platform Kuaishou announced Friday that it entered a strategic alliance with Formula E, the FIA-backed single-seater motorsport championship.
Beijing Kuaishou Technology was reportedly valued at $28.6 billion as of December after tech conglomerate Tencent Holdings poured $2 billion in the app's latest fundraising.
"We are glad to establish such win-win strategic cooperation with Formula E and looking forward to seeing Kuaishou's coverage and penetration in China to effectively help global IPs such as Formula E to expand their brand influence in China," said Yan Qiang, the senior vice-president of Kuaishou.
Founded in 2011, Kuaishou is a short video platform with over 300 million daily active users browsing a content archive of over 20 billion videos, according to the data announced by the company in January 2020.
Eary of this year, Kuaishou sued TikTok, asking 5 million yuan ($706,000) in damages, accusing TikTok of diverting potential customers away from its rival on Qihoo 360's app store by listing "Kuaishou" as one of its search keywords.