On May 28, Kingsoft Cloud fell 5.01% in regular trading, trading at HK$6.39/share, with trading volume of HK$315 million, extending its multi-session weakness.

On the news front, Kingsoft Cloud released its Q1 earnings on May 27, reporting total revenue of RMB 2.704 billion, up 37.2% year-over-year, but net loss widened 8.7% to RMB 344 million from RMB 316 million a year earlier. Adjusted gross margin contracted sharply from 16.6% to 13.0%, signaling significant profitability pressure. Adjusted EBITDA rose 134.7% to RMB 748 million, though non-GAAP operating profit turned negative again.

Meanwhile, the ongoing telecom operator Token business model transition continues to weigh on sentiment. Operators are leveraging cloud-network convergence advantages and their massive user bases to directly enter computing power and AI service distribution, raising concerns that Kingsoft Cloud's intermediary role in the value chain is being structurally weakened. This sector-wide headwind has triggered multiple sessions of adjustment since mid-May, with the stock declining even after a brief rebound last week.

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