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BUZZ-US-listed shares of Kingsoft Cloud fall on planned stock offering

Reuters
Apr 16
BUZZ-US-listed shares of Kingsoft Cloud fall on planned stock offering

** U.S.-listed shares of Chinese cloud service provider Kingsoft Cloud KC.O fall 9.1% to $12 premarket

** KC commences stock offering of 18.5 million American depositary shares

** Stock closed down 6% at $13.20 on Tuesday

** Morgan Stanley, Goldman Sachs, CICC, Deutsche Bank, HSBC and Merrill Lynch are the underwriters for the offering

** Concurrently, the firm's existing shareholder Kingsoft Corp 3888.HK has agreed to purchase certain number of KC shares in a private placement

** Proceeds will be used to upgrade infrastructure, technology investments, and other purposes

** 5 of 8 brokerages rate stock "buy" or higher and three "hold"; median PT $18.10 - data compiled by LSEG

** As of last close, KC stock was up 25.8% YTD

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))

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