Chinese short video platform Kuaishou has been asked by the China Audio-Video Copyright Association to remove 10,000 videos suspected of copyright infringement.
The association made the requirement in a statement on Monday and asked Kuaishou to stop the infringement and check its song copyright holdings.
In mid-January, the association filed a "copyright infringement complaint" against Kuaishou to the Apple Store and six major Chinese app stores, according to Sina Tech.
Apple Store officials have also replied to the association and asked Kuaishou to resolve the copyright issue with the Association as soon as possible, otherwise, the Kuaishou App will be removed from the Apple Store, according to Sina Tech.
In November of last year, the Association filed a formal complaint with the National Copyright Administration of China regarding Kuaishou's copyright infringement.
At the same time, the association filed a lawsuit in Beijing on October 12, 2020, against Kuaishou for infringement of the recording producer's rights for five songs.
Notably, Kuaishou is set to list on the Hong Kong Stock Exchange on February 5. It was traded 50,000 shares on the over-the-counter (OTC) market on Monday at HK$250, up 117 percent from the market's expected pricing cap of HK$115.
Kuaishou's Hong Kong IPO stock offering price was finally set at HK$115 per share, which is at the top of the marketed range of HK$105-HK$115. The value of Kuaishi’s IPO was HK$472.4 billion, higher than the expected US$50 billion.
The Kuaishou IPO was hotly contested by retail investors. On the day it opened for retail subscriptions on Tuesday, demand for equity financing loans hit a record on the first day of subscriptions, with retail subscriptions already exceeding 198.9 times on the first day.
The international placement portion of Kuaishou has also been fully subscribed, and the company will bring in 10 cornerstone investors, including Singapore sovereign fund GIC, BlackRock, and Temasek, to subscribe for about $2.45 billion equivalent shares.
Kuaishou plans HK IPO at HK$105-115 per share, valued at over $55.6 billion
