KINGSOFT CLOUD (03896) plans to issue a total of 338 million shares, raising approximately HK$2.76 billion.

Kingsoft Cloud (03896) announced that on September 23, 2025 (after trading hours), the company had entered into a placement agreement with placement agents, under which the company conditionally agreed to place a total of 338 million shares at a price of HK$8.29 per share to not less than six placing agents. Assuming full placement of the shares, the estimated total proceeds and net proceeds from the placement are expected to be approximately HK$2.802 billion and HK$2.76 billion, respectively. The company plans to utilize the net proceeds from the placement by no later than December 31, 2028 as follows: (i) 80% of the proceeds to support its AI business, including expanding infrastructure and enhancing cloud service capabilities; and (ii) 20% of the proceeds for general working capital and other corporate purposes.