(Yicai Global) Aug. 26 -- Kuaishou Technology’s shares sank after the Chinese short video platform’s net loss widened 146 percent in the second quarter from the same period last year.

Kuaishou’s stock price [HKG:1024] ended 9.2 percent lower today at HKD70.40 (USD9.04), after earlier falling as much as 12.5 percent. The broader Hong Kong market lost 1.1 percent.

The adjusted net loss was CNY4.77 billion (USD734.9 million) in the three months ended June 30, versus CNY1.94 billion a year ago, according to the Beijing-based firm’s financial results released yesterday. Revenue jumped 49 percent to CNY19.1 billion (USD2.9 billion).

Kuaishou’s income from online marketing soared 156 percent to CNY10 billion, making up over 50 percent of the total, while that from livestreaming fell 13.7 percent to CNY7.2 billion.

Average daily active users fell to 293.2 million, from 295.3 million in the first three months of the year. Average monthly active users fell 2.7 percent to 506 million. Kuaishou had 180 million MAUs in the overseas market in June.

“Overseas expansion has become one of our key strategic efforts,” the firm said. “The overseas short video and live streaming industry is much less mature and still at an earlier stage of development and commercialization.”

Its overseas business targets densely populated countries and regions where people are receptive to short videos and marketability potential is high, Kuaishou said, noting it focused on South America, Southeast Asia and the Middle East in the first half.

Kuaishou was the first Chinese short video platform to go public. It debuted on the Hong Kong Stock Exchange on Feb. 5 and its shares reached a record HKD417.80 (USD53.66) on Feb. 19. They have subsequently dropped over 83 percent amid a regulatory crackdown on China’s tech sector.

Editor: Futura Costaglione