FALLING STAR. Kuaishou Technology (1024.HK) is losing fans, and fast. Nearly 12% of the $110 billion viral video company’s market value vanished following disappointing results. And the shares had previously tumbled 44% from a peak achieved shortly after its initial public offering in February. Blame extravagant expectations. Quarterly sales surged 37%, to roughly $3 billion, from a year earlier. Kuaishou’s net loss, however, nearly doubled to a whopping $9 billion, as a pandemic bonanza waned and the company embarked on a quest for new revenue . The Kuaishou enterprise, which is up against Douyin owner ByteDance, is now valued at about 5 times expected revenue for the next year. Rival Bilibili (9626.HK) trades at 8 times while its backer Tencent (0700.HK) fetches 7 times, Refinitiv data show. Even after the rout, Kuaishou shares are roughly 75% higher than their market debut price. Dropping back to that level would impute a multiple of 3 times. Given the rising customer acquisition costs, that may be a more appropriate figure. (By Robyn Mak) On Twitter http://twitter.com/breakingviews Earlier in Capital Calls: LionTree on the prowl read more BlackRock tests Exxon and self too read more Hindsight comes quickly to SPAC projections read more The Culligan water deal machine changes hands read more Sinch share issue sends M&A message read more