Kingsoft Cloud (3896) Announces Connected Transaction to Acquire Stake in Shenzhen One Thing Technologies

Bulletin Express03-03

Kingsoft Cloud Holdings Limited (Stock Code: 3896, Nasdaq Ticker: KC) entered into an equity transfer agreement with Shenzhen Xunlei Network Technology Co., Ltd. (Xunlei) on March 3, 2026. According to the announcement, Xunlei will transfer 20% of the equity interest in Shenzhen One Thing Technologies Co., Ltd. (the Target Company) to Wuhan Kingsoft Cloud for RMB50.00 million (inclusive of tax), while another 30% will be transferred to Shenzhen Xinghan Zhilian Technology Co., Ltd. for RMB75.00 million (inclusive of tax). Xunlei is classified as a connected person of Kingsoft Cloud due to its relationship with Xiaomi, a substantial shareholder of Kingsoft Cloud. Upon completion, Kingsoft Cloud will indirectly hold 20% equity interest in the Target Company through its subsidiary.

Shenzhen One Thing Technologies focuses on edge computing-based content delivery networks and other related services. Its unaudited financial data show profit before tax of -21.30 million for 2024 and 12.40 million for 2025, while profit after tax amounted to -21.40 million for 2024 and 9.96 million for 2025. Net assets were approximately -668.20 million at the end of 2024 and 240.00 million at the end of 2025. After the transaction, Xunlei’s equity holding in the Target Company will drop from 70% to 20%, while Wuhan Kingsoft Cloud will hold 20% and Shenzhen Xinghan Zhilian Technology Co., Ltd. will hold 30%.

The transaction reflects confidence in edge computing’s growth potential, partly driven by AI’s transition from training to low-latency inference. Kingsoft Cloud’s board of directors views the acquisition as a beneficial move to gain a strategic minority interest in the Target Company, enabling participation in future upside without significantly increasing operational risks. Based on the announcement, the connected transaction meets Hong Kong Listing Rules reporting and announcement requirements and is exempt from circular and independent shareholders’ approval. The board deems the transaction’s terms to be on normal commercial terms and in the interests of Kingsoft Cloud and its shareholders as a whole.

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