Kuaishou's Shares Plummet Post-Cyberattack

Shares of Kuaishou dropped significantly after the platform experienced a cyberattack affecting its livestreaming services. The incident, which flooded users with explicit content, led to a rapid response from the company. This marks the biggest stock decline for Kuaishou since October.

Shares of Kuaishou, a prominent Chinese short video platform, experienced a notable drop on Tuesday, declining by as much as 6% to HK$62.70 ($8.06). The decline followed a cyberattack on Monday night, which impeded the platform's livestreaming functions and rattled investors.

This markdown is Kuaishou's steepest one-day percentage fall on record since October 14, positioning the company as the top decliner on the Hang Seng Tech Index HSTECH, which itself reflected a 0.5% reduction. The company, a major competitor to TikTok's Chinese version Douyin, confirmed the cyber incident occurred around 10 p.m. (1400 GMT) on Monday.

In response, Kuaishou enacted its emergency protocols to restore the app's livestreaming capabilities, while ensuring no impact on other services. In addition, the incident was reported to the police and relevant departments as the company seeks possible legal solutions. Reports surfaced that users were exposed to explicit content, described as 'unprecedented' by some observers.

(With inputs from agencies.)