HONG KONG, Sept 19 (Askume) – DCM Ventures (1024.HK) is looking to sell its stake in Chinese short video platform Kuaishou Technology, Askume learned on Thursday.
The Silicon Valley-based venture capital firm will sell 91.66 million Kuaishou shares at an issue price of HK$40.28 to HK$41.13 per share. This number of shares represents 2.1% of Kuaishou’s current outstanding shares.
Morgan Stanley is the sole bookrunner for the transaction. The deal was finalized on Friday and will be finalized next Tuesday.
DCM and Kuaishou did not immediately respond to requests for comment.
DCM was an early investor in Chinese short video giant Kuaishou and one of its major shareholders, but has been selling shares in Kuaishou in recent years.
Due to slow revenue growth, Kuaishou’s share price has fallen more than 20% this year. On Thursday, it closed up 4.9% at HK$42.1.
