As reported by Zhidx last night, July 3, Kuaishou announced in a statement to the Hong Kong Stock Exchange that its video generation business “Keling AI” has completed a funding round of less than 5 million yen. 20,447 million yuan. The currently confirmed loan amount is 19,048 million yuanand Alibaba, Tencent, Baidu Participating in investment.
After completion of this capital increase, Kuaishou’s shareholding in Keling AI will decrease from 100% to approximately 100%. 68.33%. Among the new investors, Alibaba holds 0.87%, Tencent subsidiary Shanghai Cishan holds 0.44%, and Baidu holds 0.22%. In addition, several state-owned funds such as the Beijing Information Industry Development Investment Fund, the Beijing Artificial Intelligence Industry Investment Fund, and the Yangtze River Delta Digital and Intellectual Culture Industry Private Equity Investment Fund are also participating in the investment.
After July 2nd, beijing kerinis an indirect wholly-owned subsidiary of Kuaishou, and will retain Kuaishou Group’s Keling AI-related assets and business after the restructuring is completed.
According to the Capital Increase Agreement, additional investors may become parties to the Capital Increase Agreement by signing an accession agreement within 60 days from the signing date (or such longer period as approved by investors holding 50% or more of the subscription amount) with the consent of Beijing Keling. The total capital increase under the capital increase agreement shall not exceed 20,447 million yuan, which accounts for approximately 16.67% of Beijing Keling’s expanded registered capital.
The currently confirmed funding includes: 21 independent investors, Party A and Party B as early investors, have agreed to inject. 13,824 million yuan To Beijing Keling with cash capital. 15 additional investors agree to injection 5.224 billion yuan To Beijing Keling with cash capital.
Regarding restructuring, Beijing Keling, Beijing Dajia, Huaihuilong, Beijing Kaishu Technology, Lucky Lab, and Fortune Ever signed a restructuring framework agreement that allows Beijing Keling to retain Keiling AI-related assets and businesses of Kaishou Group. Restructuring is expected to be completed within the year 9 months After the date of the last payment under the capital increase agreement. Beijing Keling’s financial operations will continue to be integrated into Kaishou’s financial statements.
Regarding Keling AI-related assets and businesses, Keling AI has undergone over 30 version updates since the release of Keling AI 1.0 in June 2024. As for commercialization, we mainly provide paid membership services for professional consumers and API services for corporate customers.
As of December 31, 2025, Beijing Keling’s total assets, total liabilities, and net assets are approximately RMB 244 million, RMB 253 million, and RMB 9 million, respectively. Beijing Keling’s unaudited net loss (pre-tax and after-tax) for the years ended December 31, 2024 and 2025 was RMB 0.5 billion and RMB 1.9 billion, respectively.
As of December 31, 2025, Beijing Keling’s sales were approximately RMB 1.1 billion. The annual revenue run rate for March this year was approx. 500 million USD (3.395 billion yuan). Based on this, Kuaishou’s management believes that Beijing Keling’s pre-transaction valuation is as follows: 15 billion USD (approximately 101,836 million yuan).
In addition, Kuaishou also granted stock incentives to employees for the first time.
The Kuaishou Board of Directors announced on July 2nd that Beijing Keling will grant the following funds in total: 7,165,100 The stock incentives and options for the company’s key personnel are equivalent to approximately RMB 7,165,100 of Beijing Keling’s registered capital. This is the first time Kuaishou Keling has granted equity incentives.
Under this grant, Mr. Chen Yishao, Managing Director and Chairman of Beijing Keling, was granted 961,800 equity incentives at a zero price. Cheng Yixiao shall not dispose of these stock incentives for at least the next three years and until the listing of Beijing Keling.
Early yesterday, the South China Morning Post reported, citing sources, that Kaisho plans to begin the process of listing Kelin AI in Hong Kong by the end of the year. for the next 12 months. The funds raised from the IPO will be used to build computing power and data centers, and to hire and retain talent.
Kuaishou Keling’s capital changes
This article is from WeChat official account “Zhidx” (ID:zhidxcom). The author is Cheng Qian and the editor is Yun Peng. Published with permission from 36Kr.
