Brief: Kingsoft Says Kingsoft Cloud Investment Impacted By Sluggish Stock Prices

Kingsoft

06/10/2022 09:44

Oct 6 (Reuters) - Kingsoft Corp  3888.HK :
    * OBSERVED RECOVERABLE AMOUNT OF INVESTMENT IN KINGSOFT
CLOUD
SIGNIFICANTLY IMPACTED BY SLUGGISH STOCK PRICES & RECENT
FINANCIAL PERFORMANCE
    * AFTER PROPOSED IMPAIRMENT PROVISION, EXPECTED THAT GROUP
WOULD
RECORD A SUBSTANTIAL LOSS FOR NINE MONTHS ENDED 30 SEPT
    * AS AT SEPT 30, CO HELD 1.42 BLN SHARES IN KINGSOFT CLOUD,
SHARES
OF WHICH ARE LISTED ON NASDAQ AS ADSS
    * CO IS STILL IN PROCESS OF CONDUCTING ASSESSMENT, &
SPECIFIC
AMOUNT OF PROVISION IS YET TO BE FINALIZED
    * AFTER PROPOSED IMPAIRMENT PROVISION, EXPECTED THAT GROUP
WOULD
RECORD A SUBSTANTIAL LOSS FOR NINE MONTHS ENDED 30 SEPT
    * ACCOUNTING TREATMENT WOULD NOT HAVE ANY IMPACT ON CASH
FLOW AND
OPERATING PERFORMANCE OF GROUP

Further company coverage:  3888.HK 
 ((Reuters.Briefs@thomsonreuters.com;))