Silicon Valley-based DCM Ventures is planning to exit video-sharing platform Kuaishou Technology (HKG:1024) through a $479 million stake sale, Reuters reported Thursday, citing a term sheet seen by the news agency.
The venture capital plans to sell its remaining 91.66 million shares in the Chinese firm at a range of HK$40.28 to HK$41.13 per share, the report said.
The shares account for 2.1% of Kuaishou's outstanding shares, according to Reuters.
Morgan Stanley is reportedly the sole bookrunner for the placement.
Shares in Kuaishou fell 1% during Friday's trading.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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