Focus will be on Kling's next upgrade after decent progress on its financing, Citi analysts say in a research note. Kling, Kuaishou's AI video unit, raised $2.8 billion from venture capitalists and other investors amid its spinoff, it said late Thursday. Kling could raise as much as $3 billion if additional investors join this round of funding. The Citi analysts think the investors' profile, including Tencent, Alibaba and other institutional investors, is quite impressive. However, Kuaishou's stake in Kling is diluted slightly more than Citi expected given the generous share participation schemes. Kuaishou's shares ended 0.1% lower at HK$42.60. (sherry.qin@wsj.com)