Kling's $2.9 billion round closes $95 million short after two backers could not pay
Kuaishou says the Kling round it opened in July is done, about $95 million under its $3 billion cap after two backers missed the deadline. Every investor holds a buyback right if Kling has not listed by October 2031.
Kuaishou confirmed on Friday that Kling's big funding round is closed, and it is the round announced in July, not a second one. Investors paid in 19.8 billion yuan, about $2.9 billion at the filing's exchange rate. The ceiling was $3 billion, and the gap has names.
Two backers, Dakang Lanwu and BFI MIDCO, could not pay their share in time, so Kling ended their agreements, about $95 million between them. The filing says the reasons were objective and blames neither side. Five Chinese buyers had already taken over most of Dakang Lanwu's pledge, among them the software group Kingdee and a unit of MetaX, a chipmaker that builds the kind of processors AI video runs on.
Kuaishou keeps two-thirds of Kling and just over half the votes. The July deal valued Kling at $15 billion before the new money, and that figure stands.
Every investor also holds a buyback right. If Kling has not listed by October 30, 2031, they can make it return their money plus 8% a year. Bloomberg has reported that a listing is planned for next year.
Our take: the shortfall is a footnote on $2.9 billion, but the deadline is not. Kling now runs on an investor clock, and the price of your credits is the first place that could show.
Source: Kuaishou filing to the Hong Kong exchange, Oct 30, 2026; Reuters, Oct 30, 2026.
