Kingsoft Cloud Holdings Ltd.
Stocks climbed 27% during their debut on Friday after the company’s IPO in the middle of its range. Kingsoft sold 30 million US depository shares at $ 17 each, raising $ 510 million. The company evaluated the stocks in the middle of its suggested range of $ 16 to $ 18 and sold 5 million more shares than expected earlier in the process. Kingsoft sells cloud computing services in China, where Alibaba Group Holding Ltd.
and Tencent Holdings Ltd.
competition in the sector. It is a spin-off of the Chinese software giant Kingsoft Corp. Ltd.
but repeatedly qualifies as an independent company in its filings with the Securities and Exchange Commission. The company’s turnover is increasing, but so are its losses: while sales rose from RMB 1.24 billion ($ 174.5 million) to RMB 2.22 billion to RMB 3.96 billion From 2017 to 2019, losses increased from RMB 714.3 million to RMB 1.01 billion to RMB 1.11 billion. The stock trades on the Nasdaq under the stock symbol KC.