By Yifan Wang

Kuaishou Technology shares were sharply lower Thursday, after the tech firm said it would shut down its U.S. app and amid renewed investor fears that Beijing may tighten curbs on short-video platform operators.

The stock fell as much as 16% to an intraday low of HK$88.70 in the afternoon, bringing its loss in the past three months to over 65%.

The selloff came after Kuaishou's decision to de-list its video-sharing app Zynn and to stop services by Aug. 20, a move the company on Thursday called a "normal operation adjustment." The Zynn business had struggled to compete with ByteDance Ltd.'s TikTok in the U.S. market.

Investor concerns also grew over risk of tougher rules from authorities on China's short-video platform operators, as an opinion piece on state media on Thursday criticized the industry's low-quality, vulgar content.

These worries are the latest in a host of difficulties Kuaishou has faced since it listed in Hong Kong in February. In recent months, the stock has been hammered by Beijing's crackdown on China internet industry as well as market fears of tighter monetary policies globally amid signs that inflation was quickening earlier this year.

The shares were last at HK$89.80, 22% lower from its February initial public offering price of HK$115. The Hang Seng TECH Index was last 2.1% lower.

Write to Yifan Wang at yifan.wang@wsj.com

(END) Dow Jones Newswires

08-05-21 0429ET