Skip to content

Subscriber Only

Deals

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

By

Crystal Tse and

May 8, 2020, 4:07 AM UTCUpdated onMay 8, 2020, 9:20 PM UTC

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.