Stock Track | Kingsoft Cloud Plummets 6.80% Intraday Following Acquisition of 20% Stake in Shenzhen One Thing Technologies

Stock Track03-03

Kingsoft Cloud Holdings Ltd's stock fell sharply by 6.80% during intraday trading on Tuesday. The significant decline followed the company's announcement of a new investment.

According to recent reports, Kingsoft Cloud, through its subsidiary Wuhan Kingsoft Cloud Information Technology, has agreed to purchase a 20% equity stake in Shenzhen One Thing Technologies from Xunlei Limited for RMB50 million (approximately $7.2 million). This transaction is part of a larger deal where Xunlei is selling a total 50% interest in the company.

The market's negative reaction suggests investor concerns regarding the strategic acquisition. Following the completion of the deal, Kingsoft Cloud will indirectly hold a 20% stake in Shenzhen One Thing Technologies, which the company stated will not be consolidated into its financial statements.

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