By Joanne Chiu

Chinese video-clip and live-streaming group Kuaishou Technology is seeking to raise up to US$5.4 billion from an initial public offering, joining a string of tech companies from China that have listed in Hong Kong.

Kuaishou on Monday began taking investors' orders for the stock sale, ahead of a listing on Feb. 5, a term sheet showed. The company is backed by Tencent Holdings Ltd. and competes with ByteDance Ltd., the Chinese group behind TikTok.

A deal of $5 billion or larger would be the biggest IPO in the world in more than a year, Dealogic figures show. It would also be the largest in Hong Kong since Budweiser Brewing Co. APAC Ltd., the Asian unit of Anheuser-Busch InBev SA., raised US$5.75 billion in September 2019.

The company is selling 365.2 million new shares at an indicative range of 105 to 115 Hong Kong dollars (US$13.54-US$14.83), according to a term sheet seen by The Wall Street Journal. It plans to fix the offer price on Jan. 29. At the top of the range, the deal implies a market capitalization of US$60.9 billion.

Kuaishou has secured 10 cornerstone investors, including Capital Group, Temasek and Fidelity Investment. They agreed to buy a combined US$2.45 billion worth of the stock whatever they are priced.

Units of Morgan Stanley, Bank of America Corp. and China Renaissance Holdings Ltd. are acting as joint sponsors for the deal.

Write to Joanne Chiu at joanne.chiu@wsj.com

(END) Dow Jones Newswires

01-24-21 1950ET