Kingsoft Cloud drops most in 5-1/2 months on discounted share sale

Kingsoft Cloud Holdings

24/09/2025 03:01

** Shares of Kingsoft Cloud Holdings 3896.HK drop 11.3% to HK$8.06, on track for the biggest one-day pct fall since April 7

** Stock hit the lowest since September 10, and on course to snap two straight session of gains

** Top pct loser on Hang Seng sub-index tracking information technology firms .HSCIIT, which slips 0.5%

** The cloud services group plans sale of 338 mln new shares, or 7.5% of the enlarged share capital, to third-party investors in share placement, raising HK$2.8 bln ($360.13 mln) to expand infrastructure, enhance cloud service capabilities and for working capital

** Says the new shares will be issued at HK$8.29 apiece, or 8.8% discount to Tuesday's close of HK$9.09 each

** YTD, stock up 40.4%, Hang Seng Tech Index .HSTECH up 38.4%

($1 = 7.7749 Hong Kong dollars)

 (Reporting by Donny Kwok)

 ((donny.kwok@thomsonreuters.com))