Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

LATEST
Xiaomi Leads India’s Smartphone Market with 26.1% Share
Trending in China: Are China’s Blue-Collar Wages Really Higher Than Graduate Salaries?
Trending in China: An End to Spam Calls? Real Estate Company to Give Money to Anyone Who Receives One
Trending in China: Patriotic War Film Overpowers Foreign-Made Feature, But Not Everyone Is Impressed
Shopify Partners with TikTok to Drive Online Sales
Lawson Tests Next Step of Convenience Store Evolution in China
PUBG Creator Krafton Hires Bankers for Possible Record IPO
Mobile Browser Crackdown Ensnares Big Names
Chinese Biotech Startup Genecast Bags $149 Million in Series E Funding Round
Founder and CEO in ‘Divorce’ With Dating App Momo
Chinese Medical Rehabilitation Robot Maker Fourier Closes $15 Million Funding Round
Caixin Investigation Uncovers Shady Business In Myanmar
Tencent Bets Big on Chinese E-Sport Firm, Leading $100 Million Funding Round
Chinese Companies Line Up to Take Advantage of Huawei’s U.S. Troubles
Trending in China: Social Media Applauds Jack Ma’s Detailed Critique of China’s Financial Sector
Trending in China: Female Student Fights ‘Period-Shaming’ – Social Media Discusses the Pros and Cons
Chinese Auto Tech Startup Closes $194 Million Series A Funding Round Led by Baidu
iQiyi to Create Genre-Specific Content to Meet Different Audience Demands
Gaw Capital Inks JV With Manbang Group to Develop Smart Logistics Properties in China
Tesla Recalls Nearly 50,000 U.S.-Made Cars in China over Suspension Problems
Chinese Cloud-Services Provider Kingsoft Files for $100 Million U.S. IPO

By Mo Yelin and Ye Zhanqi / Apr 20, 2020 03:58 PM / Business & Tech

Photo: IC

Photo: IC

Chinese cloud services provider Kingsoft Cloud Holdings Ltd. has filed for an IPO in the U.S. in the hope of raising as much as $100 million.

The money raised will mainly be used to upgrade and expand its infrastructure and increase investment in technology and product development, the company said in a prospectus filed to the U.S. Securities and Exchange Commission on Friday.

Kingsoft Cloud was founded in 2012 and its largest shareholder is Hong Kong-listed Kingsoft Corp. Ltd, of which Chinese entrepreneur and Xiaomi-founder Lei Jun is the chairman. In 2019, the cloud company posted a net loss of 960 million yuan ($136 million) on revenues of 3.96 billion yuan.

In China, the cloud market is increasingly dominated by several big tech companies, including Alibaba, Tencent and Huawei. In the second half of 2017, Kingsoft Cloud had a market share of 6.5% in the “infrastructure-as-a-service” (IaaS) sector, ranking third only after Alibaba and Tencent, according to data from industry consultancy IDC. However, by 2019, its IaaS market share ranking in China had been pushed back to sixth, as it was surpassed by China Telecom, Amazon and Huawei.

Read the full story on Caixin Global later.

Contact reporter Mo Yelin (yelinmo@caixin.com)

Related: Cloud Services Provider Comes Down From Strong Start in First Mainland Dual-Class Listing


Share this article
Open WeChat and scan the QR code