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Operates a leading Chinese short-video and livestreaming platform, competing head-to-head with Douyin.
Operates a leading Chinese short-video and livestreaming platform, competing head-to-head with Douyin.
Advertising placed in the video feeds is now the largest line, ahead of virtual gifts viewers buy during livestreams, where the platform keeps a share and passes the rest to streamers, and commissions on goods sold through livestream shopping. Tencent is among its larger shareholders.
In one line: A Chinese TikTok/Twitch hybrid.
Moat: narrow (network effects, scale, data). Large user base and content network effects, though it competes intensely with ByteDance's Douyin.
Headquarters: Beijing, China · Founded: 2011 · Employees: 24,202
Size Kuaishou-w (1024.HK) is a Hong Kong Communication Services company (Advertising/Marketing Services) with a market value of $16.0B, the 108th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$28.92 on 6 Nov 2026.
Performance Over six months the shares fell 39.2%, against +21.4% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — lowest of 9 in its peer set.
Growth Revenue grew 11.3% over the last twelve months (peer median +4.5%); the operating margin is 10.7% (peer median 11.4%).
Valuation It trades at 14.9× forward earnings against a peer median of 13.0× (4th most expensive of 8).
Price implies For today's price to make sense, revenue must grow about -4% a year for seven years (Req g). Recent delivered growth is +19%, so the hurdle is -23 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 7.7 points above its cost of capital (11.2% WACC).
Credit Kuaishou-w has 1 bond outstanding ($900M), rated A- by the agencies and trading like BBB- at a weighted spread of 134 bp.
Next results Next results expected around 24 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$161B | HK$155B | HK$138B | HK$125B | HK$110B |
| Revenue growth | — | +13% | +10% | +14% | — |
| Gross profit | HK$85.3B | HK$83.9B | HK$74.7B | HK$63.0B | HK$48.5B |
| EBITDA | HK$26.9B | HK$27.9B | HK$21.9B | HK$13.5B | -HK$7.12B |
| Net income | HK$17.5B | HK$20.2B | HK$16.6B | HK$7.07B | -HK$15.9B |
| Free cash flow | n/a | HK$13.9B | HK$24.3B | HK$18.0B | -HK$2.70B |
| Capital expenditure | n/a | HK$16.2B | HK$8.74B | HK$5.41B | HK$5.37B |
| Total debt | HK$74.3B | HK$38.9B | HK$31.4B | HK$17.3B | HK$14.5B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Kuaishou-w 1024.HK | $16.0B | -39% | +11% | 11% | 14.9× | -4.4% |
| Tencent 0700.HK | $482B | -11% | +16% | 32% | 12.5× | 6.4% |
| Bilibili 9626.HK | $6.06B | -36% | +11% | 4% | 14.2× | 7.3% |
| Baba-w 9988.HK | $266B | -25% | +8% | 4% | 16.4× | n/a |
| PDD Holdings Inc. Sponsored ADR PDD | $117B | -16% | +14% | 22% | 7.5× | n/a |
| Weibo 9898.HK | $1.58B | -24% | +2% | 25% | 5.2× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 1024.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.6% | +10.0% | 2nd lowest of 9 |
| 6-month return | -39.2% | +21.4% | lowest of 9 |
| Distance from 52-week high | -65.5% | -5.4% | lowest of 9 |
| Revenue growth (TTM) | +11.3% | +4.5% | 3rd highest of 9 |
| Operating margin | 10.7% | 11.4% | 5th highest of 9 |
| Forward P/E | 14.9× | 13.0× | 4th most expensive of 8 |
| Growth the price implies (Req g, 7 yrs) | -4.4% | 3.9% | 4th least demanding of 9 |
| Growth delivered (Del g) | +18.6% | +10.6% | 2nd highest of 9 |
| Hurdle (Req g minus delivered) | -22.9 pp | -9.7 pp | 2nd least demanding of 9 |
| ROIC minus cost of capital | +7.7 pp | +4.9 pp | 4th highest of 9 |
| EV / EBITDA | 4.0× | 7.1× | cheapest of 7 |
| Net debt / EBITDA | -0.7× | 1.4× | least indebted of 7 |
| Bond spread | 134 bp | 91 bp | widest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Kuaishou-w 1024.HK | Hong Kong | $16.0B | -39% | +11% | 11% | 14.9× | -4.4% | +18.6% |
| REA REA.AX | Australia | $15.9B | +2% | +4% | 48% | 31.3× | 19.3% | +14.5% |
| Omnicom OMC | United States | $23.6B | +13% | +54% | 15% | 7.9× | -6.9% | +5.6% |
| Publicis Groupe PUB.PA | France | $29.0B | +33% | +5% | 15% | 13.0× | 1.1% | +10.0% |
| BlueFocus Intelligent Communications 300058.SZ | China | $6.98B | -24% | +6% | 0% | 123.3× | 58.3% | +11.1% |
| JCDecaux DEC.PA | France | $6.40B | +42% | +1% | 12% | 18.6× | 6.6% | +11.8% |
| Dentsu 4324.T | Japan | $6.37B | +30% | +4% | 10% | 12.8× | -12.0% | +8.8% |
| Compagnie du Cambodge CBDG.PA | France | $6.33B | -11% | +45% | -11% | n/a | 55.9% | +269.1% |
| WPP WPP.L | United Kingdom | $5.93B | +58% | -6% | 9% | 7.8× | -8.1% | +2.5% |
Kuaishou-w has 1 bond outstanding with $900M face value. The agencies rate it A-; its bonds trade like BBB-. Weighted yield 6.17%, a spread of 134 bp over government bonds.