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Illustration: Sarah Grillo/Axios

KuaiShou, a Chinese short-video and live streaming app, filed for a Hong Kong IPO that reportedly will seek to raise $5 billion.

Why it matters: This reflects the booming market for TikTok-style services in China, as KuaiShou claims to have over 300 million daily users. Its rivals include Douyin (ByteDance's Chinese version of TikTok) and Nasdaq-listed Bilibili (which, like KuaiShou, includes Tencent and Alibaba as shareholders).

  • KuaiShou has raised over $4 billion from firms like Sequoia Capital China, DCM, Morningside VC, DST Global, Baidu, Alibaba, Tencent, Temasek, Boyu Capital, and Shunwei Capital.

Meanwhile: ByteDance is seeking to raise $2 billion in pre-IPO funding at a $180 billion valuation, even though the TikTok situation remains unresolved, per Bloomberg.

The bottom line: "Kuaishou often prides itself on user engagement; indeed, over a quarter of its 776 million monthly users are creators themselves. That makes Kuaishou more of a social app where the viewers and creators interact frequently through means like live streaming and gifting," per TechCrunch.

Go deeper

The U.S. is now playing by China's internet rules

Illustration: Aïda Amer/Axios

President Trump's crackdown on TikTok suggests that the U.S. government is starting to see the internet more like China does — as a network that countries can and should control within their borders.

The big picture: Today's global internet has split into three zones, according to many observers: The EU's privacy-focused network; China's government-dominated network; and the U.S.-led network dominated by a handful of American companies. TikTok's fate suggests China's model has U.S. fans as well.

Updated 1 hour ago - World

Pentagon: 8,500 troops on high alert for possible deployment to eastern Europe

Photo: Anna Moneymaker/Getty Images

Defense Secretary Lloyd Austin has placed 8,500 U.S. troops on "heightened preparedness to deploy" to eastern Europe in case NATO activates its rapid-response force over tensions with Russia, the Pentagon announced Monday.

Why it matters: No decisions have been made to deploy U.S. forces, but the heightened alert level will allow the military to rapidly shore up NATO's eastern flank in the event that Russia invades Ukraine. The Pentagon warned that Russia has shown "no signs of de-escalating," and continues to amass troops on Ukraine's borders.

Alabama's new congressional map rejected by federal judges

The Alabama State Capitol in Montgomery. Photo: Taylor Hill/Getty Images

Federal judges on Monday night blocked Alabama's newly drawn congressional map and ordered the Republican-led State Legislature to create a new one that includes two districts, rather than the planned one.

Why it matters: "Black voters have less opportunity than other Alabamians to elect candidates of their choice to Congress," the panel of three judges wrote in their ruling.