Kingsoft Cloud Holdings Ltd's stock experienced a pre-market plunge of 5.55% on Friday, as the company announced details for its upcoming annual general meeting.

The sharp decline followed the company's disclosure of several proposals to be voted on at the shareholder meeting scheduled for June 30, 2026. Key items include a mandate to issue new shares or American Depositary Shares (ADSs), which could potentially dilute existing shareholders' stakes. The meeting will also address revisions to continuing connected transactions with Xiaomi, including updated annual caps for cloud services and hardware procurement.

Other agenda items for the shareholder meeting include director re-elections, a share repurchase mandate covering up to 10% of issued shares, reappointment of Ernst & Young as auditor, amendments to the articles of association, and adoption of a 2026 share incentive plan.