Kuaishou Shares Plummet to Nearly Five-Week Low Following Livestreaming Cyberattack in China

Shares of Kuaishou experienced a significant decline on Tuesday, plummeting by as much as 6% to HK$62.70 ($8.06). This marks the lowest point for the stock since November 21, following a cyberattack that struck the Chinese short video platform on Monday night.

This drop is poised to be Kuaishou’s largest one-day percentage decrease since October 14, making it the top percentage decliner on the Hang Seng Tech Index (HSTECH), which itself fell by 0.5%.

As the closest competitor to TikTok’s Chinese version, Douyin, Kuaishou confirmed that it faced a livestreaming cyber incident around 10 p.m. (1400 GMT) on Monday. In response to the attack, the company has activated its emergency plan.

According to a company statement, the livestreaming feature of its app has gradually returned to normal service, while other functionalities remain unaffected. This swift action aims to reassure users and restore confidence in the platform.

In light of the incident, Kuaishou has reported the matter to the police and relevant authorities. The company is also exploring additional legal remedies to address the situation effectively.

Reports from Chinese media and social media platforms indicate that many users were exposed to inappropriate content, including vulgar and violent livestreams, during the incident. Some users described the experience as “unprecedented,” highlighting the severity of the breach.

(Reporting by Beijing newsroom; editing by Christian Schmollinger and Shri Navaratnam)

Shares of Kuaishou experienced a significant decline on Tuesday, plummeting by as much as 6% to HK$62.70 ($8.06). This marks the lowest point for the stock since November 21, following a cyberattack that struck the Chinese short video platform on Monday night.

This drop is poised to be Kuaishou’s largest one-day percentage decrease since October 14, making it the top percentage decliner on the Hang Seng Tech Index (HSTECH), which itself fell by 0.5%.

As the closest competitor to TikTok’s Chinese version, Douyin, Kuaishou confirmed that it faced a livestreaming cyber incident around 10 p.m. (1400 GMT) on Monday. In response to the attack, the company has activated its emergency plan.

According to a company statement, the livestreaming feature of its app has gradually returned to normal service, while other functionalities remain unaffected. This swift action aims to reassure users and restore confidence in the platform.

In light of the incident, Kuaishou has reported the matter to the police and relevant authorities. The company is also exploring additional legal remedies to address the situation effectively.

Reports from Chinese media and social media platforms indicate that many users were exposed to inappropriate content, including vulgar and violent livestreams, during the incident. Some users described the experience as “unprecedented,” highlighting the severity of the breach.

(Reporting by Beijing newsroom; editing by Christian Schmollinger and Shri Navaratnam)