Tencent Mobility, a unit of Tencent Holdings, is seeking to raise up to $1.55 billion by selling shares in Chinese short-video company Kuaishou Technology, according to ‌a ⁠term sheet ⁠seen by Reuters on Monday.

Here are more details from the term sheet:

The Tencent unit is offering about 273 million Kuaishou Class B shares at HK$43.15 ($5.50) to HK $44.53 each. The range ⁠values the ‌sale at about $1.50 billion to $1.55 billion.

The offer price represents a ⁠discount of about 3.2% to 6.2% to Kuaishou's last close of HK$46.00 on Monday.

The sale is fully secondary, meaning Kuaishou will not receive any money from the deal. Tencent Mobility will receive the proceeds.

‌The deal is expected to price on Monday, trade on Tuesday and settle on ⁠Thursday.

Kuaishou runs one of China's major short-video and livestreaming platforms, according to its website.

Tencent and Kuaishou did not immediately respond to Reuters requests for comment sent outside regular business hours.