(Bloomberg) -- Kuaishou Technology, the main rival to ByteDance Ltd. in China, is seeking to raise as much as $5.4 billion in Hong Kong in what would be the world’s biggest internet initial public offering since Uber Technologies Inc.The short video startup, backed by Tencent Holdings Ltd., is selling 365 million shares at HK$105 to HK$115 each, according to terms of the deal obtained by Bloomberg News. The company will start taking investor orders from Monday through Jan. 29 and is slated to list on Feb. 5.Kuaishou is attempting the world’s biggest internet IPO since Uber’s $8.1 billion U.S. share sale in May 2019, according to data compiled by Bloomberg. At $5.4 billion, Kuaishou’s IPO will also be Asia’s largest since Budweiser Brewing Co. APAC Ltd.’s $5.8 billion float in 2019, excluding the secondary listing of Alibaba Group Holding Ltd. in the same year.Kuaishou has attracted 10 cornerstone investors for its offering, who agreed to subscribe for $2.45 billion of stock, based on the mid-point of the marketed range. The lineup includes The Capital Group, Temasek Holdings Pte, GIC Pte, BlackRock Inc. and Abu Dhabi Investment Authority, the terms show, confirming an earlier Bloomberg News report. The cornerstone investors have agreed to hold stock for six months in exchange for early, guaranteed allocation.Kuaishou and ByteDance represent a generation of Chinese tech startups that have risen to the fore thanks to a surge in short video, challenging the dominance of Tencent and Alibaba.ByteDance, which owns the wildly popular apps TikTok and Douyin, has long been a rumored IPO candidate but was bogged down last year in fighting a U.S. ban on TikTok after the video service was labeled a national security threat. The social media giant was in discussions to raise $2 billion before listing some of its businesses in Hong Kong, Bloomberg News reported in November.Kuaishou, which means “fast hand” in Chinese, established its popularity among users in smaller cities and rural areas, with people streaming slices of everyday life from harvesting corn to slurping noodles. It’s since expanded to audiences in bigger cities, hosting content ranging from people playing video games to teenagers lip-syncing pop songs, much like ByteDance’s global app TikTok and its domestic Chinese version, Douyin.Tencent has about a 21.6% stake in Kuaishou, and other backers include venture capital firms DCM, DST Global and Sequoia Capital China, the prospectus shows.Morgan Stanley, Bank of America Corp. and China Renaissance Holdings Ltd. are joint sponsors of the deal.(Adds more cornerstone investor demands in fourth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.