(Yicai Global) Aug. 4 -- Kuaishou Technology’s shares touched an all-time low today after the Chinese short video platform operator confirmed it will shut down its Zynn app, which was intended to compete with ByteDance’s TikTok in the North America market.

Hong Kong-listed Kuaishou [HKG:1024] closed 2.5 percent lower at HKD105.20 (USD13.53), having fallen as low as HKD102.30 in morning trading.

Zynn’s services will cease on Aug. 20. Kuaishou’s other products in overseas markets will not be affected, the Beijing-based company said in a statement.

Kuaishou launched Zynn in the United States and Canada in May last year, and it briefly surpassed TikTok in the app charts. That was partly because Zynn paid users to watch its videos, thereby artificially inflating its ranking.

Zynn was also barred from app stores by Google and Apple in June this year due to its users’ theft of content from other platforms. 

Downloads of Zynn reached just 0.4 million in the first half, far below TikTok’s 383 million and that of Kuaishou’s other two overseas apps, namely Kwai in Brazil and Mexico at 76.8 million downloads and Snack Video in Indonesia and Pakistan at 48.2 million, according to SensorTower data.

Kuaishou debuted on the Hong Kong stock market at the start of February. It is down 8.5 percent from an initial offering price of HKD115 (USD14.79).

Editor: Tom Litting