Kuaishou Kling AI Completes Delivery of 19.8 Billion Yuan Capital Increase

19.8 billion yuan received! The largest single financing round in AI video is born. Zhidongxi Download the client for exclusive early access. October 31, 2026, 10:55:22, from Beijing

Zhidongxi, October 31: On October 30, Kuaishou published an announcement on the Hong Kong Stock Exchange, announcing that all conditions under the capital increase agreement for its video generation business Beijing Keling have been fulfilled, all investors have paid the capital increase amounts in full in accordance with the capital increase agreement, and the share purchase has been completed.

After completion of the transaction, the total capital contributions paid by all investors amounted to approximately RMB 19.80184 billion (approximately USD 2.90533 billion).

▲Kuaishou publishes an announcement on the Hong Kong Stock Exchange

Previously, on July 2, Kuaishou had announced on the Hong Kong Stock Exchange that Keling AI would complete a financing round of no more than 20.447 billion yuan. At that time, confirmed financing totaled 19.048 billion yuan, with participation from major companies such as Alibaba, Tencent, and Baidu, as well as several state-owned investors including the Beijing Information Industry Development Investment Fund, the Beijing Artificial Intelligence Industry Investment Fund, and the Yangtze River Delta Digital Intelligence Cultural Industry Private Investment Fund.

According to Kuaishou's latest announcement released yesterday, after completion of the transaction, controlling shareholder Lucky Labs will hold 66.68% of the equity and 52.45% of the voting rights; Kuaishou Technology co-founder, chairman and CEO Cheng Yixiao holds 1.01% of the equity and 0.79% of the voting rights; Beijing Keling director and CEO Gai Kun (also known as Yu Yue) holds 3.02% of the equity but, through a special share arrangement, enjoys 23.72% of the voting rights. Previously, on September 30, Gai Kun, former head of Kuaishou's original Community Science line, had just been transferred to serve as director and CEO of Keling AI.

First-tier major companies are also among the shareholders: Alibaba holds 1.38% of the equity and 1.09% of the voting rights, Tencent's Shanghai Qishan holds 0.56% of the equity and 0.44% of the voting rights, and Baidu holds 0.28% of the equity and 0.22% of the voting rights.

At the same time, this capital increase introduced several new shareholders, and the subscription arrangements of some existing investors were also adjusted. The main changes are as follows:

1. Beijing Keling, Dakang Lanwu, Kingdee Software (China), Wenzhou Ruida, Gongqingcheng Junke, Muxi Shuzhi (Shanghai), and Ningbo Zhichun Huayan signed a rights and obligations transfer agreement. Dakang Lanwu transferred part of its rights and obligations to subscribe to Beijing Keling's newly increased registered capital to the above five transferees; each party must contribute separately: Kingdee Software (China) 300 million yuan, Wenzhou Ruida 210.45 million yuan, Gongqingcheng Junke 200 million yuan, Muxi Shanghai 55 million yuan, and Ningbo Zhichun Huayan 14.55 million yuan. On the same day, Beijing Keling and Kingdee Software (China), Gongqingcheng Junke, and Muxi Shanghai signed a shareholders agreement accession agreement, and these three entities obtained corresponding repurchase rights.

2. Beijing Keling, CPE Spruce, and Tianjin Yuanfeng signed another rights and obligations transfer agreement. CPE Spruce transferred part of its rights and obligations to subscribe to Beijing Keling's newly increased registered capital to Tianjin Yuanfeng. Among them, CPE Spruce contributed USD 64 million (approximately 436.2 million yuan), and Tianjin Yuanfeng contributed approximately 1.26537 billion yuan.

3. Beijing Keling, Haipu No. 1, Muxi Shanghai, and Tianjin Lisi Xingque signed a rights and obligations transfer agreement. Haipu No. 1 transferred part of its rights and obligations to subscribe to Beijing Keling's newly increased registered capital to Muxi Shanghai and Tianjin Lisi Xingque. According to the agreement, Haipu No. 1 contributed 330 million yuan, Muxi Shanghai contributed 45 million yuan, and Tianjin Lisi Xingque contributed 2 million yuan.

4. Dakang Lanwu and BFI MIDCO failed to pay the capital increase amounts in full within the agreed time, and Beijing Keling has separately signed termination agreements with the two entities. The two parties canceled the remaining capital contribution obligations under the original capital increase agreement: Dakang Lanwu's remaining 100 million yuan capital increase amount and BFI MIDCO's remaining USD 80 million (approximately RMB 545.26 million) will no longer be paid, and the two will no longer be investors in this investment and will withdraw from the shareholders agreement. The termination of this capital increase is deemed to be caused by objective factors not attributable to either party.

At present, Keling is becoming one of the most impressive businesses under Kuaishou. In Kuaishou's second-quarter 2026 financial report announced on August 19, Kuaishou disclosed that Keling AI's second-quarter operating revenue exceeded 850 million yuan, a year-on-year increase of more than 200% and a quarter-on-quarter increase of 30.8%; core commercial revenue, including online marketing services and other services mainly comprising e-commerce and Keling AI, increased by 7.4% year on year, totaling 26.845 billion yuan.

At the model and product level, Keling launched the industry's first video generation model supporting native 4K direct output in April this year; in June this year it launched the Keling 3.0 Turbo model, which greatly reduced creation costs while ensuring stable output; in August this year Keling MCP (Model Context Protocol) and Keling CLI (Command Line Interface) were officially launched, enabling AI agents to schedule Keling AI for batch creation of works; in October this year, Kling 4.0 was fully launched, supporting native video generation of up to 30 seconds, 10-bit HDR, multiple keyframes and multi-material references, with greatly upgraded dynamics and long-shot narrative capabilities. In October this year, Kling 4.0 was fully launched, supporting native video generation of up to 30 seconds, 10-bit HDR, multiple keyframes and multi-material references, with greatly upgraded dynamics and long-shot narrative capabilities.

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