HK Stock Market Move | KINGSOFT CLOUD (03896) opens over 13% higher. KINGSOFT CLOUD network and CITIC Financial Leasing have signed a financing lease agreement.

KINGSOFT CLOUD (03896) opened more than 13% higher, rising 13.57% to HK$2.51 by the time of reporting, with a trading volume of HK$3.8102 million. In terms of news, KINGSOFT CLOUD announced that in order to accelerate investment in artificial intelligence infrastructure, on November 11, 2024, Beijing KINGSOFT CLOUD Network Technology Co., Ltd. (a consolidated subsidiary of the Company, "KINGSOFT CLOUD Network") entered into a financing lease agreement with CITIC Financial Leasing Co., Ltd. after fair negotiations. Under this agreement, CITIC Financial Leasing agreed to provide financing lease services to KINGSOFT CLOUD Network through the sale and leaseback of some servers, with a total financing lease principal of RMB 250 million. The agreement has a term of 3 years, with an initial annual interest rate of 4.35%. The company believes that entering into this agreement will supplement operating funds, broaden the company's financing channels, increase the company's sources of working capital, and optimize the company's capital structure.