Shares of Kingsoft Cloud Holdings Ltd. (03896.HK) surged 13.12% on Monday morning, following the announcement of a finance lease deal with CITIC Financial Leasing.
Under the agreement, CITIC Financial Leasing will provide a RMB 250 million finance lease service to Kingsoft Cloud Network by way of a sale and leaseback arrangement for certain servers owned by the cloud computing company.
The deal is expected to provide Kingsoft Cloud with additional financing to support its operations and growth initiatives. The company has been expanding its cloud infrastructure and services to meet the rising demand from businesses across various sectors.
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