Chinese social media giant Kuaishou Technology is planning to spin off its Kling AI video business ahead of an initial public offering next year, in an attempt to capitalize on investors’ appetite for AI stocks, according to two people with knowledge of the plans.

Kuaishou has held talks with potential investors for a pre-IPO funding round that values Kling at $20 billion, the two people said. Kling develops AI video generation models that compete with those from ByteDance, Google and Alibaba.