HK Stock Market Move | KINGSOFT CLOUD (03896) soared more than 8% in the afternoon, as the company accelerates investment in AI infrastructure, continuing to benefit from the increased demand from Xiaomi and Kingsoft's ecosystems.

KINGSOFT CLOUD (03896) surged over 8% in the afternoon, rising 6.58% to HK$2.43 by the time of publication, with a turnover of HK$217 million. On the news front, on November 11th, KINGSOFT CLOUD announced in a statement on the Hong Kong Stock Exchange that it had entered into a financing lease agreement with CITIC Financial Leasing to accelerate investment in AI infrastructure. According to the agreement, the total principal amount of the financing lease is 250 million yuan, with a term of three years and an initial annual interest rate of 4.35%. CITIC Securities issued a research report stating that KINGSOFT CLOUD announced a financing lease agreement with CITIC Financial Leasing to accelerate investment in AI infrastructure. KINGSOFT CLOUD also benefits from increased demand in the Xiaomi and Kingsoft ecosystems, and is expected to be the first to receive the incremental resource demand brought about by the deployment of AI services by ecosystem customers. CITIC Securities, considering that KINGSOFT CLOUD's AI computing power investment pace is faster than expected and the demand level is higher than expected, raised the group's revenue forecast for the next two years by 1.5% and 5.7% to RMB 7.5 billion and RMB 8.3 billion, respectively.