Stock Track | Kingsoft Cloud Soars on 300 Million Yuan Loan for AI and Cloud Business Expansion

Stock Track09-24

Kingsoft Cloud (HKG:3896) saw its stock soar by 7.56% on Tuesday, driven by the news that its affiliated entity, Kingsoft Cloud QY Data, had secured a loan of up to 300 million yuan from Cinda Financial Leasing.

The loan, structured as a direct finance leasing deal, will provide Kingsoft Cloud with the necessary funds to support the development of its AI infrastructure and expand its cloud services business operations. The financing agreement, which expires on July 12, 2025, will allow Kingsoft Cloud to make quarterly installment payments, with interest rates to be determined separately for individual agreements.

Investors reacted positively to the news, as the additional funding is expected to fuel Kingsoft Cloud's growth in the rapidly growing AI and cloud computing sectors. The company's shares closed the day at HKD 1.28, up by HKD 0.09 or 7.56%.

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