Kuaishou Technology Quick thoughts on potential Kling AI spin-off

研报英文原文证据摘录

Kuaishou Technology Quick thoughts on potential Kling AI spin-off

Asia Pacific Equity Research

12 May 2026

Neutral

Kuaishou Technology 1024.HK, 1024 HK

Price: HK$51.60

Quick thoughts on potential Kling AI spin-off 11 May 2026

Price Target: HK$48.00

PT End Date: 31 Dec 2026

• What happened? According to LatePost (China TMT blog) on May 11, Internet

AC Kuaishou is planning a round of equity financing on Kling AI at a Daniel Chen

US$20bn valuation. It is in discussion with investors such as Tencent. (86-21) 6106 6205

Kling AI has reached US$500mn ARR (annual recurring revenue) daniel.q.chen@jpmorgan.com

recently. According to 36kr, Kling AI expects to reach ARR of SAC Registration Number: S1730521040001

US$1.3bn in 1Q27. Kuaishou announced today that its board of directors Alex Yao

is assessing a proposal to restructure Kling AI assets and businesses (86 21) 6106 6505 alex.yao@jpmorgan.com

which may involve the introduction of external financing. As at the date SAC Registration Number: S1730523020001

of announcement, the proposal is still at a preliminary stage and it has Olivia Xu

not entered into any definitive agreements relating to it. There is no (86-21) 6106 6138

assurance that such a proposal will proceed. olivia.w.xu@jpmorgan.com

SAC Registration Number: S1730525060001

• We believe the potential Kling AI spin-off could be a value unlock J.P. Morgan Securities (China) Company

Limited

event for Kuaishou, suggesting upside to Kuaishou’s current share

price: We downgraded Kuaishou in March 2026 on revenue growth

slowdown of core short video revenue excluding Kling AI (from 12%

YoY in 2025 to 3% in 2026E), but we also mentioned share price upside

could come from value unlock of Kling AI, one of the few AI

applications to have achieved US$300mn ARR globally.