China’s Kuaishou shares fall to near five-week low after livestreaming cyberattack

BEIJING, Dec 23 (Reuters) – Shares of Kuaishou dropped by as much as 6% ​on Tuesday to HK$62.70 ($8.06), their lowest since ‌November 21, after the Chinese short video platform was ‌hit by a cyberattack on Monday night.

The stock is set for its biggest one-day percentage drop since October 14 and was the top ⁠percentage decliner ‌on the Hang Seng Tech Index HSTECH, which was down 0.5%.

The closest ‍rival to TikTok’s Chinese version Douyin on Tuesday confirmed it experienced a livestreaming cyber incident at around ​10 p.m.(1400 GMT) Monday.

It has initiated its ‌emergency plan. The livestreaming function of its app has gradually resumed normal service, while other services remain affected, according to a company statement.

The company has reported the incident to ⁠the police and relevant departments, ​the statement said, adding ​that it will take other legal remedies.

According to Chinese media reports and social ‍media posts, ⁠many users had been exposed to vulgar, violent and other explicit livestreaming content on ⁠the platform on Monday night, which some described as “unprecedented”.

(Reporting ‌by Beijing newsroom; Editing by Christian ‌Schmollinger and Shri Navaratnam)