Kingsoft Cloud, the Xiaomi-backed cloud services company, is testing US investor appetite for Chinese public offerings on the heels of the Luckin Coffee scandal with a listing that could raise more than $500m.
The initial public offering is the first by a Chinese company in the US since Luckin Coffee’s fraud debacle emerged last month, and comes as the market grapples with the impact of the coronavirus pandemic.
Kingsoft Cloud is offering 25m American Depositary Shares priced between $16 and $18 each. That would deliver estimated net proceeds of between $392m and $451m, valuing the cloud business, which is being spun off of Hong Kong-listed Kingsoft Corp, at $3.6bn to $3.8bn.
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