Kingsoft Cloud Soars 12% in New York, Stirred by Investors' High Expectations
The price of Kingsoft Cloud has been pushed up by the high projection for its performance in Q2 and the tech altercations between China and the US.
The New York Stock Exchange-listed Chinese cloud services company Kingsoft Cloud (KC:NASDAQ) closed trading 11.91% higher on Monday, August 3, at USD 39.28 per share.
The company announced that it will release the financial result for the second quarter of 2020 in two weeks. Based on its significant performance in the earlier quarter, when revenue was reported 64.5% higher, reaching RMB 1.39 billion. The market is looking forward to seeing continuing growth in these three months.
At the same time, the Star Market in China leaped by more than 7% on August 3, which was triggered by the expectation that the market in China will support its technological 'offspring.'