Kuaishou Shares Plummet Following Cyberattack

Kuaishou shares fell by 6% to their lowest value since November after a cyberattack disrupted the platform's services. The incident impacted the company's stock performance, making it the biggest loser on the Hang Seng Tech Index. Kuaishou is working to restore services and address the security breach.

Shares of Kuaishou plunged by as much as 6% on Tuesday, falling to HK$62.70 ($8.06), marking their lowest point since November 21. This drop occurred after the Chinese short video platform faced a significant cyberattack on Monday night.

The stock is experiencing its biggest one-day percentage decline since October 14, leading the decliners on the Hang Seng Tech Index, which itself fell by 0.5%. As the closest competitor to TikTok's Chinese version Douyin, Kuaishou confirmed a cyber incident affecting its livestreaming service occurred around 10 p.m. (1400 GMT) on Monday.

An emergency plan has been initiated by the company, with its livestreaming services gradually returning to normal, although some services are still affected. Kuaishou has reported the breach to the police and relevant authorities while exploring further legal measures. Reports also surfaced that users were exposed to explicit and violent content during the incident, described by some as 'unprecedented.'

(With inputs from agencies.)