Kingsoft Cloud (03896) saw its stock price plummet by 8.14% in early trading on Thursday, following the company's announcement of a significant share issuance. The cloud service provider revealed plans to sell millions of new shares, potentially diluting existing shareholders' stakes.
According to the company's statement, Kingsoft Cloud has agreed to issue and sell 18 million offer shares with an aggregate nominal value of US$18,000 at HK$5.83 per offer share. Additionally, the firm plans to issue and sell 17.3 million firm American Depositary Shares (ADSs) at US$11.27 per ADS. This dual issuance strategy appears to have sparked concern among investors, leading to the sharp decline in stock price.
The substantial share offering could be viewed as a move by Kingsoft Cloud to raise capital, possibly for expansion or debt reduction. However, the market's immediate reaction suggests that investors are wary of the potential dilution of their shareholdings. As trading continues, it remains to be seen how this strategic decision will impact the company's long-term valuation and investor confidence.
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