Kingsoft Cloud (KC) said Tuesday it intends to offer 282 million of its ordinary shares in offshore transactions outside the US.

Terms of the offering were not disclosed.

The cloud service provider said it plans to use 80% of the net proceeds for its artificial intelligence business and 20% for working capital and other corporate requirements by Dec. 31, 2028.

Kingsoft's shares were down 6% in recent Tuesday premarket activity.