Stock Alert: Kingsoft Drops 6%

Shares of Chinese cloud service provider Kingsoft Cloud Holdings Limited (KC) are falling more than 6% Thursday morning at $30.31. It has been trading in the range of $17.01- $42.80 in the past 52 weeks.

Kingsoft today priced the previously announced public offering of 8 million American depositary shares (Primary ADS offering), along with 8,421,576 offering by several selling shareholders at $31.00 per ADS.

The company plans to use the net proceeds from the Primary ADS Offering for further investment in infrastructure, technology and product development, funding acquisitions, and for other general corporate purposes.

Kingsoft will not receive any proceeds from the sale of ADSs by the selling shareholder.

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