May 25, 2022 08:12 PM

Kuaishou Shares Jump in Defiance of China’s Tech Crackdown

Kuaishou's Beijing headquarters on April 26. Photo: VCG
Kuaishou's Beijing headquarters on April 26. Photo: VCG

Shares of Kuaishou Technology Co. Ltd. jumped as much as 6% early Wednesday after the Hong Kong-listed company reported narrowing losses and decent revenue growth for the first quarter, defying a sweeping crackdown that has crushed Chinese tech stocks.

In the three months through March, the Beijing-based social short-video firm, which has lost over 80% of its market value from its peak in February 2021, narrowed its adjusted net loss by 34.1% year-on-year to 3.7 billion yuan as revenue grew 23.8% year-on-year to 21.1 billion yuan, according to its earnings report released on Tuesday.

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