Kuaishou Shares Slide After Major Livestreaming Cyberattack

Chinese social media and short-video giant Kuaishou Technology saw its stock slump sharply after a cyberattack hit its livestreaming platform, triggering the biggest one-day percentage drop since October. Shares slid as much as 6% to HK$62.70, marking their lowest level since late November and making Kuaishou the top decliner on the Hang Seng Tech Index.

The company confirmed that the incident occurred late Monday night and activated its emergency response plan, with livestream functions gradually being restored while other services remained unaffected. Kuaishou has reported the attack to police and regulatory authorities and said it will pursue legal action against the perpetrators. 

According to Chinese media and social posts, the breach led to a brief flood of inappropriate and explicit livestream content, described by some users as “unprecedented,” raising new concerns about cybersecurity and content moderation on major digital platforms. 

Source: reuters.com