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China’s Kling AI Nears $3 Billion Fundraising Round with $18 Billion Valuation

Kuaishou-backed Kling AI is preparing for a major funding round amid growing competition in China’s AI video generation market, with plans for a Hong Kong IPO within the year.

Jul 1, 2026, 2:48 PM South China Morning Post World

USgeography Kling AItopic Hong Kongperson Chinageography Kuaishou-backed Kling AItopic Beijing-based Kuaishou Technologyperson Billion Fundraising Roundperson Billion Valuationperson HKorganization Kling AI Nearstopic Kuaishoutopic Tencenttopic

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Kuaishou-backed artificial intelligence video generation company Kling AI is close to completing a US$3 billion fundraising round that would value the company at US$18 billion post-investment, according to people familiar with the matter. This valuation is a reduction from the initial US$20 billion target set in April, reflecting changing market sentiment.

Investors in this round reportedly include Tencent, the Chinese video gaming and social media giant. Kling AI is a spin-off from Beijing-based Kuaishou Technology, which competes with TikTok’s Chinese counterpart Douyin in the domestic market.

In a May 12 filing with the Hong Kong stock exchange, Kuaishou disclosed it was "assessing a proposal to restructure" Kling AI that could involve raising funds from external investors. A source close to the deal indicated that Kuaishou expects to initiate Kling AI’s listing process on the Hong Kong stock exchange within the next 12 months. Funds raised from the initial public offering are intended to support the expansion of computing and data centers and to attract and retain talent.

Kuaishou’s shares on the Hong Kong stock exchange closed up 1.46% at HK$41.60 (US$5.30) on the day of the report. Kuaishou, Kling AI, and Tencent did not immediately respond to requests for comment.

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Overview: This article shows limited framing pressure in the available source text. Kuaishou-backed Kling AI is preparing for a major funding round amid growing competition in China’s AI video generation market, with plans for a Hong Kong IPO within the year.

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