The Zhitong Finance App learned that Kuaishou-W (01024) rose nearly 3% at the end of the session. As of press release, it had risen 2.31% to HK$30.94, with a turnover of HK$655 million.
According to the news, Kling AI, a subsidiary of Kuaishou, recently announced that the newly upgraded Kling 4.0 will be officially launched in October. Among them, Kling 4.0 Flash will be the first to open a small-scale experience on September 28. CICC pointed out that for content producers, 4.0's upgrade in long-lens continuity, keyframe control, and multi-modal references has effectively lowered the creative threshold for high-precision scenes such as medium- and long-form dramas, film and television special effects. Such scenes require high production quality and controllability, and customers are more willing to pay and stickiness. The bank believes that it is expected to become an important direction for upgrading Keling's revenue structure.
CICC said that Keling's ARR had previously reached the $500 million level in March 2026. This iteration's breakthrough in narrative continuity and professional specifications continues its commercialization path for professional scenarios, and is expected to further push its ARR level to a new level. It is recommended to focus on tracking the quality of production of the official version and customer conversion data for high-threshold scenarios such as medium- and long-form dramas, movies, and TV later stages. Combined with a $3 billion financing transaction (post-investment valuation of US$18 billion) and subsequent spin-off and IPO expectations, the valuation is highly catalytic.