HK-listed Chinese software firm Kingsoft soars on strong revenue growth

Kingsoft

15/05/2019 05:33

** Shares of Kingsoft Corp Ltd  3888.HK  rise as much as 8.3
pct to HK$19.68, their highest since May. 6, after the Chinese
software and online games developer posts strong growth in
quarterly revenue   
    ** Beijing-based company posts a 37 pct rise in total
revenue for first quarter ended in March, of which Kingsoft
Cloud recorded a 100 pct growth, while office software and
services was up 35 pct  urn:newsml:reuters.com:*:nFWN22Q0BR
    ** Co expects its performance to further improve upon debut
of its new JX Online III mobile game, which is set to launch in
the second quarter 
    ** Nomura maintains "neutral" on the stock but raises target
price to HK$20.5 from HK$18, saying Q1 revenue beat and JX
Mobile III likely to be launched in mid-June
    ** As of Tuesday's close, the stock had risen 61.2 pct so
far this year
    ** Kingsoft has underperformed the Hang Seng Commerce &
Industry Index sector  .HSNC  by 5.4 percentage points in the
past one month
    ** The Hong Kong Hang Seng sub-index tracking information
technology firms  .HSCIIT  rises 1.7 pct on Wednesday, and the
Hang Seng China enterprises index  .HSCE  climbs 0.7 pct


 (Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)