Kingsoft Cloud (03896) surged another 11%, with a cumulative increase of over 60% after the performance announcement. As of the time of publication, it rose by 9.92%, closing at HKD 3.99, with a turnover of 0.311 billion Hong Kong dollars.
According to the Wisdom Financial APP, Kingsoft Cloud (03896) surged another 11%, with a cumulative increase of over 60% after the performance announcement. As of the time of publication, it rose by 9.92%, closing at HKD 3.99, with a turnover of 0.311 billion Hong Kong dollars.
On the news front, recently, Kingsoft Cloud and Hangzhou DBAppSecurity Co., Ltd. signed a strategic cooperation agreement in Peking. Based on their respective main business and resources, the two parties will establish a close strategic partnership. In terms of market development, they will further cooperate deeply in areas such as cloud security, data security, cybersecurity, commercial cryptography, and privacy computing.
In addition, Kingsoft Cloud recently announced its third-quarter performance, with total revenue reaching RMB 1.886 billion, a year-on-year increase of 16.0%; non-GAAP EBITDA is approximately RMB 0.185 billion, turning losses into profits year-on-year. Goldman Sachs pointed out that Kingsoft Cloud's third-quarter performance roughly meets expectations, with adjusted EBITDA exceeding expectations. The company announced a new framework agreement with Xiaomi and Kingsoft Software, with the bank expecting an average compound growth rate of 38% in revenue from Xiaomi and Kingsoft Software from 2023 to 2026, accounting for 30% of Kingsoft Cloud's revenue in 2026.