Kling's RMB 19.8 billion funding round has officially closed. On October 30, 2026, Kuaishou announced on the Hong Kong Stock Exchange that all conditions under the capital increase agreement for Beijing Kling, the entity behind its AI video generation business, had been met, all investors had paid their capital contributions in full under the agreement, and the share purchases had been completed. The announcement disclosed total contributions paid by all investors of about RMB 19.80184 billion after completion. On July 2 this year, Kuaishou had announced a cap of RMB 20.447 billion for the round, with about RMB 19.048 billion committed at the time; the final completed amount came in above the previously committed figure and below the cap.
The post-completion shareholding structure is now fixed: controlling shareholder Lucky Labs holds 66.68% of the equity and 52.45% of the voting rights in Beijing Kling; Kuaishou co-founder, chairman and CEO Cheng Yixiao holds 1.01% of the equity and 0.79% of the voting rights; Beijing Kling director and CEO Gai Kun holds 3.02% of the equity and enjoys 23.72% of the voting rights under a special share arrangement. Kuaishou retains control through the holding company, while Gai Kun's voting rights are markedly higher than his equity stake — the most notable feature of this round's equity arrangement.
Alibaba, Tencent and Baidu are all on the shareholder list, alongside new faces
According to the announcement, Alibaba holds 1.38% of the equity and 1.09% of the voting rights, Shanghai Qishan, a Tencent affiliate, holds 0.56% and 0.44%, and Baidu holds 0.28% and 0.22%. None of the three large internet companies holds a large stake; the combination looks more like financial investment plus ecosystem positioning. Subscription arrangements also changed during the capital increase: Beijing Kling signed agreements on the transfer of rights and obligations with Dakong Lanwu, Kingdee Software, Wenzhou Ruida, Gongqingcheng Junke, MetaX (Shanghai) and Ningbo Zhichun Huayan, under which Dakong Lanwu transferred part of its subscription rights and obligations to the latter five transferees. According to other reports, Dakong Lanwu and BFI MIDCO failed to pay their contributions on time, and each has signed a termination agreement; the remaining RMB 100 million from Dakong Lanwu and USD 80 million from BFI MIDCO will no longer be paid, and neither remains an investor in this round.
With the money in, the next question is growing revenue
Kling is already one of Kuaishou's fastest-growing businesses. Kuaishou's second-quarter 2026 results show Kling AI quarterly revenue of more than RMB 850 million, up more than 200% year on year and 30.8% quarter on quarter. On the product side, Kling 4.0 went fully live on October 15 (/article/2613), supporting native video generation of up to 30 seconds, 10-bit HDR, multiple keyframes and multiple material references. Kuaishou said in the announcement that Kling AI set the record for the largest single funding round among global video foundation model companies; that is Kuaishou's own claim and has not been corroborated by an independent third party. The announcement did not disclose the specific use of the funds. What comes next is whether, with RMB 19.8 billion in hand, Kling can keep scaling revenue beyond RMB 850 million a quarter, and hold its product momentum against video model rivals such as OpenAI and Google.
