HK Stock Market Move | KINGSOFT CLOUD(03896) rose by more than 12%, with third-quarter revenue growing by 16% year-on-year. The adjusted EBITDA margin rose to 9.8%.

KINGSOFT CLOUD (03896) jumped more than 11%, reaching an increase of 12.15% as of the time of publication, at HK$2.77, with a turnover of HK$1.21 billion. In terms of news, KINGSOFT CLOUD announced its performance for the third quarter of 2024, with a total revenue of RMB 1.886 billion, an increase of 16.0% year-on-year; public cloud revenue reached RMB 1.18 billion, a growth of 15.6% year-on-year; industry cloud revenue reached RMB 710 million, a growth of 16.7% year-on-year; gross profit was RMB 303.4 million, an increase of 54.6% year-on-year; adjusted EBITDA reached RMB 190 million, with an adjusted EBITDA margin of 9.8%, continuing to improve steadily on the basis of being positive in the previous two quarters, and a significant year-on-year increase of 12.6 percentage points. CICC recently released a research report stating that KINGSOFT CLOUD announced a financing lease agreement with CICC Financial Leasing to accelerate investment in AI infrastructure. Considering the faster-than-expected pace of KINGSOFT CLOUD's investment in AI computational power and higher-than-expected demand, CICC has 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; and adjusted EBITDA by 54.9% and 77.5%.