HK Stock Market Move | KINGSOFT CLOUD (03896) rose more than 7% as the company secures a spot in the AI cloud infrastructure race. In the first quarter, the proportion of smart cloud reached over 50%.

KINGSOFT CLOUD (03896) rose more than 7%, as of press time, up 6.71% to 7.16 Hong Kong dollars, with a turnover of 4.59 billion Hong Kong dollars. On the news front, EB SECURITIES pointed out that the short-term stock price elasticity of KINGSOFT CLOUD mainly comes from the realization of AI computing power orders and price increase expectations. If new training or inference demand from top clients materializes and GPU resource delivery accelerates, the company's revenue may be further revised upwards. In the long run, the company holds a position in the AI cloud infrastructure race track, benefiting from the continuous expansion of computing power demand brought about by AI development. With the expected increase in the proportion of AI cloud revenue, the company is expected to shift from scale expansion to valuation center lifting. KINGSOFT CLOUD's previously released financial report for Q1 2026 showed that the company's Q1 revenue was 27.0 billion yuan, a year-on-year increase of 37.2%. Among them, public cloud revenue reached 20.0 billion yuan, a year-on-year increase of 47.5%. The revenue from intelligent computing cloud billing increased by 90.1% year-on-year, accounting for 50.1% of public cloud revenue for the first time. Industry cloud revenue was 7.0 billion yuan, a year-on-year increase of 14.7%. During the quarter, KINGSOFT CLOUD also made breakthroughs in internet services, general models, embodied intelligence, smart driving, and other fields, serving many leading internet companies with large-scale model token businesses.