HK Stock Market Move | KUAISHOU-W (01024) Rises Over 4%; Kling AI Completes Capital Increase of Approximately RMB19.8 Billion; Institutions Optimistic About Model Performance Iteration and Commercialization Progress

KUAISHOU-W (01024) rose over 4% in the afternoon, up 4.07% as of press time at HK$27.6, with turnover of HK$545 million. On the news front, on October 30, KUAISHOU-W announced that its video generation large model Kling AI has completed the capital increase delivery, with actual capital increase funds received of approximately RMB19.802 billion, a reduction of approximately RMB645 million from the previous financing cap of RMB20.447 billion. The capital increase process involved multiple transfers of capital increase rights and obligations, while two originally planned capital increase entities terminated their capital increase arrangements due to inability to pay on schedule. New investors including entities under Kingdee and MetaX (Muxi) took over the corresponding contribution amounts, and the relevant agreements were signed and finalized on the same day. It is worth noting that recently, Kling AI officially fully launched Kling 4.0. Guosheng believes that Kling currently achieves monetization through user subscriptions and enterprise API services, and that production quality and usage costs directly affect willingness to pay and call volume. Kling 4.0 strengthens long-shot, fine control, and local editing capabilities, while Flash balances generation speed and cost, which is expected to meet the needs of professional production and high-frequency creation respectively and expand the scale of paying users. In addition, the API for enterprise customers and developers under 4.0 will be opened soon, which is expected to further drive growth in enterprise calls. The brokerage is optimistic about Kling AI's model performance iteration and commercialization progress.