China's Kingsoft hits highest in more than 3-1/2 months after quarterly results

Kingsoft

16/11/2022 04:18

** Shares of Chinese software and online games developer
Kingsoft Corp Ltd  3888.HK  rise as much as 5.9% to HK$27.80,
their highest since July 27
    ** Stock on track for a fourth straight session of gain;
eighth biggest pct gainer in the Hang Seng Tech Index  .HSTECH 
    ** Co says revenue rose 22% year-on-year in the September
quarter to 1.84 bln yuan ($260 mln)
    ** Co posted 6.1 bln yuan loss, compared to a 565.2 mln yuan
profit in the year-ago period
    ** Jefferies maintains "buy" on Kingsoft, saying revenue
came in line and earnings impacted by impairment losses as
expected 
    ** Says co is migrating to the next phase of growth, with
revenue growth drivers to come from Cloud and office software
WPS in the long run
    ** The Hang Seng Commerce & Industry Index  .HSNC  slips
0.8% and the Hang Seng Tech Index  .HSTECH  falls 1.2%
    ** The Hang Seng Composite Index  .HSCI  and the Hang Seng
Index  .HSI  both ease 0.6%
    ** As of last close, the stock had fallen 23.4% this year
($1 = 7.0770 Chinese yuan)
 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))