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Kingsoft Cloud Jumps in First Big U.S. IPO Since Luckin Fall

  • Beijing-based cloud computing company raised $510 million
  • IPO is the biggest by a Chinese company in U.S. this year
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Kingsoft Cloud Holdings Ltd. rose 40% in the first major trading debut by a Chinese company since the accounting scandal at Luckin Coffee Inc.

The affiliate of Hong Kong-listed Kingsoft Corp. raised $510 million in its initial public offering, pricing its shares at the midpoint of a $16 to $18 targeted range. The shares closed at $23.84 in New York trading Friday, giving the company a market value of $4.77 billion.