Video site backed by Tencent said to be seeking US$17b price

Beijing

A CHINESE startup backed by Tencent is seeking to raise funds at about a US$17 billion valuation, people familiar with the matter said, as it expands its video-streaming service to South-east Asia.

The company, Kuaishou, is targeting around US$1 billion of financing, the people said, asking not to be identified discussing a private deal. The startup's desired valuation would be almost six times the US$3 billion it garnered after its last fundraising in March, the people said.