The initial share offering from China’s Kuaishou Technology attracted a mammoth HK$1.28 trillion (US$170 billion) in bids on Friday, a record high for the Hong Kong exchange.

The bids for the video company’s shares came from 1.4 million investors, who oversubscribed the offering by 1,218 times.

The company plans to issue 365 million shares to global investors next month, priced from HK$105 to HK$115 per share, raising between HK$38.3 billion and HK$42 billion. However, only 2.5% is slated for public offering.

Although that could be enlarged to 6% under the city’s clawback rules, there are still relatively few shares on public offer, according to Prudential Brokerage associate director Alvin Cheung Chi-wai.

Cheung is confident that the price will probably double when the shares debut on Feb. 5, amid strong demand from major investment funds.

The IPO comes in the wake of Ant Financial’s failed listing attempt in November, when the online financial giant attracted a record US$167.7 billion from 1.55 million Hong Kong investors. But the IPO was halted at the last minute by mainland authorities citing regulatory concerns.

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