(Yicai Global) Dec. 23 -- Kingsoft Cloud, the cloud-computing unit of China's software firm Kingsoft, plans to list in the US, per a statement the Beijing-based parent released yesterday.
The spin-off listing will enable investors to better assess Kingsoft, the company's board said, adding this move also better reflects the firm's value and serves shareholders' interests.
Kingsoft Cloud raised USD720 million its D-round funding in January last year to value it at about USD2.4 billion.
Kingsoft's shares [HKG:3888] rose 2.6 percent to HKD18.7 (USD2.4) after today's market opening on the announcement but fell off slightly in mid-morning.
The company's total business revenue was CNY918 million (USD131 million) in the second quarter, up 96 percent annually, and its income from cloud-computing in the first half surged almost twofold from the same period last year to CNY1.8 billion (USD251.2 million), its financial reports show.
The parent's business income in the second quarter derived from its main cloud-computing, online games and office software segments. Kingsoft Cloud made 49 percent of revenue in the period, while online games were roughly 30 percent.
Editor: Ben Armour