Shares of Chinese short video app company Kuaishou started trading on Friday in Hong Kong, marking the start of the company's life as a publicly listed company.
中国短视频应用公司快手(Kuaishou)上周五在香港上市交易，标志着该公司作为一家上市公司的开始。
Kuaishou brought in revenue of 40.68 billion yuan in the nine months ended Sep. 30, 2020, a 49% year-on-year rise.
在截至2020年9月30日的9个月里，快手实现收入406.8亿元，同比增长49%。
The company makes money primarily through livestreaming and virtual gifts, as well as advertising and e-commerce.
该公司主要通过直播和虚拟礼物、广告和电子商务赚钱。
GUANGZHOU, China — Shares of Chinese short video app company Kuaishou started trading on Friday in Hong Kong, marking the start of its life as a publicly listed company.
中国广州——周五，中国短视频应用公司快手(Kuaishou)在香港上市交易，标志着它作为一家上市公司的开始。
Shares of Kuaishou soared nearly 200% to open at 338 Hong Kong dollars. The company priced its shares at 115 Hong Kong dollars, which was at the top of its range. The initial public offering (IPO) raised 41.28 billion Hong Kong dollars ($5.32 billion).
快手股价飙升近200%，收于338港元。该公司将发行价定为每股115港元，位于指导价区间的上限。首次公开募股(IPO)筹集了412.8亿港元(53.2亿美元)。
It marks another win for the Hong Kong stock exchange which has managed to attract a number of high-profile Chinese tech listings.
这标志着香港交易所(hkex)的又一次胜利，该交易所已成功吸引了多家备受瞩目的中国科技公司上市。
But what is Kuaishou and how does it make money? CNBC runs through the company's business model.What does Kuaishou do?
但快手是什么?它如何赚钱?CNBC贯穿了该公司的商业模式。快手是做什么的?
The company was founded in 2011 and started out as a mobile app called GIF Kuaishou, which lets users create animated images called GIFs (graphics interchange format).
该公司成立于2011年，最初是一款名为GIF快手的移动应用，用户可以通过该应用创建名为GIF(图形交换格式)的动画图像。
In 2013, the short video and social media platform was launched followed by live-streaming in 2016.
2013年，短视频和社交媒体平台上线，2016年又推出了直播。
Kuaishou's apps now have 769 million monthly active users.
快手的应用现在有7.69亿月度活跃用户。
It is also starting to push into other areas such as e-commerce.How does Kuaishou make money?
它还开始进军电子商务等其他领域。快手是怎么赚钱的?
Kuaishou brought in revenue of 40.68 billion yuan ($6.2 billion) in the nine months ended Sep. 30, 2020 — that's a 49% year-on-year rise.
在截至2020年9月30日的9个月里，快手实现收入406.8亿元(合62亿美元)，同比增长49%。
However, the company swung to a loss in that period, reporting an adjusted net loss of 7.24 billion yuan as marketing expenses ballooned.
不过，该公司在这段时间出现亏损，由于营销费用激增，经调整净亏损人民币72.4亿元。
Kuaishou said it had 262.4 million daily active users for its app in the first nine months of 2020, up from 165.2 million in the same period in 2019. Its monthly paying users grew to 59.9 million from 48.5 million in that period.
快手表示，2020年前9个月，其应用的日活跃用户为2.624亿，高于2019年同期的1.652亿。在此期间，其每月付费用户从4850万增至5990万。
The company makes money off its users in a number of ways.
该公司通过多种方式从用户身上赚钱。
1. Live-streaming: The main revenue driver is its live streaming business. This involves users buying virtual items from Kuaishou to gift to their favourite streamers. Live streaming revenue brought in 25.31 billion yuan of revenue in the first nine months of 2020, accounting for around 62% of total sales.
1. 直播:主要的收入来源是直播业务。这涉及到用户从快手购买虚拟物品，作为礼物送给他们最喜欢的主播。2020年前9个月，直播收入达到253.1亿元，占总销售额的62%左右。
2. Ads and online marketing: Kuaishou also makes money from online marketing services or advertising which brought in 13.34 billion yuan in the the nine months ended Sep. 30, a more than 200% year-on-year rise. This accounted for around 32% of total revenue.
2. 广告和网络营销:快手还通过网络营销服务或广告创收，在截至9月30日的9个月里，其收入为133.4亿元，同比增长超过200%。这占总收入的32%左右。
3. E-commerce and games: The Chinese tech firm has also began venturing into e-commerce and mobile games. Users can purchase items from online streamers via the Kuaishou app. Kuaishou said that 204.06 billion yuan worth of transactions were facilitated via its app in the first nine months of 2020 — a rise of more than 1,100%. Not all of this will translate directly into revenue for Kuaishou. Risks for Kuaishou
3.电子商务和游戏:这家中国科技公司也开始涉足电子商务和手机游戏领域。用户可以通过快手app在在线流媒体上购买商品。快手表示，2020年前9个月，其app促成了2040.6亿元的交易，同比增长超过1100%。并非所有这些都能直接转化为快手的收入。风险Kuaishou
Kuaishou's IPO comes at a time when Chinese authorities are stepping up scrutiny of the technology sector. China's State Administration for Market Regulation released draft anti-monopoly rules last year aimed at digital platforms.
快手上市之际，中国有关部门正加强对科技行业的审查。中国国家市场监督管理总局去年发布了针对数字平台的反垄断规则草案。
In November, the Chinese government also introduced rules around live-streaming shopping which includes limits on user spending and restrictions on minors buying items.
去年11月，中国政府还出台了有关直播购物的规定，包括限制用户消费和限制未成年人购买商品。
"Given that the internet business is highly regulated in China, intensified government regulation of the short video, live streaming and e-commerce industries in China could also restrict our ability to maintain or increase our user base or the user traffic to our platform, which will materially and negatively impact our business operations and financial results," Kuaishou warned in its IPO prospectus.
“鉴于互联网业务在中国高度监管,强化政府监管的短视频,直播和电子商务产业在中国也可能限制我们的能力来维持或增加我们的用户或用户流量平台,将物质和负面影响我们的业务操作和财务业绩,“Kuaishou警告在其招股说明书中。
The company is also a competitor to Douyin, the Chinese version of short video sharing app TikTok, run by internet giant ByteDance. Douyin has 600 million daily active users versus Kuaishou's 262.4 million users.
该公司也是抖音的竞争对手。抖音是短视频分享应用TikTok的中文版，由互联网巨头字节跳动运营。抖音拥有6亿日活跃用户，而快手只有2.624亿用户。
Tencent, a major investor in Kuaishou, has also launched its own short video feature within its WeChat messaging app. Competition is also ramping up.
快手的主要投资者腾讯(Tencent)也在其微信通讯应用中推出了自己的短视频功能。竞争也在加剧。
"The markets in which we operate are highly competitive, and we face significant competition from internet companies that operate content-based social platforms, online marketing businesses and e-commerce platforms in China," Kuaishou said.
快手表示:“我们运营的市场竞争非常激烈，我们面临着来自中国运营内容社交平台、在线营销业务和电子商务平台的互联网公司的激烈竞争。”
"If we fail to compete effectively, our business, financial condition, results of operations and prospects may be materially and adversely affected."
“如果我们不能有效地竞争，我们的业务、财务状况、经营结果和前景可能会受到重大和不利的影响。”