China's Kuaishou hits near 4-year low on lower Q2 net income, Citi downgrade

Kuaishou Technology

20/08/2026 03:13

** Shares of Chinese short-video platform Kuaishou Technology 1024.HK drop 12.2% to HK$33.2, their lowest level since November 2022
** Stock down for a third straight session, on course for biggest one-day pct decline since March 26 if current losses hold 
** Top pct loser in the benchmark Hang Seng Index .HSI and Hang Sen TECH Index .HSTECH, which are up 1.2% and 1.5%, respectively 
** Kuaishou says Q2 revenue up 1.4% y/y, while net income attributable down 36% and adjusted net profit down 30% amid macroeconomic and industry competition
** Citi downgrades stock to "neutral" from "buy" and cuts target price to HK$41 from HK$71
** Says 2Q26 results in line with expectations, but outlook for 2H26 seems challenging
** "The muted core business outlook is expected to weigh on the stock, although sentiment could improve with the next update on its Kling AI model" - Citi 
** YTD, stock down 47%, Hang Seng TECH Index .HSTECH down 13.8%

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))