China’s leading short social video and photo sharing app Kuaishou is rumored to launch a new round of funding with the estimated valuation at $15 billion, according to the self-media “Kaiqi.” Kuaishou told other local media that it has nothing yet to release.

In March, Kuaishou raised $350 million in its Series D financing led by the Chinese internet conglomerate Tencent, and was valued at around $3 billion. In the previous financing rounds, Kuaishou has pocketed fundings from Sequoia, DCM, and Baidu.

There has been talks in the industry saying that Kuaishou plans to apply for IPO either in the US or Hong Kong this year. TechCrunch in February reported that the popular video-sharing app plans to go public in the US.

Kuaishou has done exceptionally well in China with its easy-to-share video features, especially among users in lower-tier cities. The number of its monthly active users surged from 93.40 million in September 2016 to 183 million in September 2017 with 87 million daily active users, according to a report from Jiguang, a mobile data research firm. The latest figures show that now Kuaishou has 700 million registered users and sees over 100 million daily active users.

As a front-runner in China’s mobile video sharing sector, Kuaishou allows users to share short video clips or live stream their daily lives, most of which often include eating, shopping or other bizarre performances.