KINGSOFT CLOUD (03896) saw its shares soar 13.70% intraday on Wednesday, outperforming the broader Hong Kong market. This rally came amid growing optimism about China's economic recovery and policy support measures.
The surge was fueled by expectations that China's government will announce more stimulus policies and maintain a growth target around 5% for 2025 at the upcoming Central Economic Work Conference. Investors are betting that these measures will boost domestic demand and benefit companies like KINGSOFT CLOUD, which provides cloud computing services.
Additionally, the Caixin China services PMI for November, while lower than the previous month, remained in expansionary territory at 51.5. This suggested that the service sector, a key driver for KINGSOFT CLOUD's business, is gradually recovering despite lingering concerns about the trade environment.
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