Kingsoft Cloud raises $510m in first China IPO in US since virus outbreak

Photographer: Victor J. Blue/Bloomberg

Chinese cloud computing company Kingsoft Cloud Holdings Ltd raised $510 million in its U.S initial public offering, the first Chinese company to list in the United States since the coronavirus pandemic outbreak sent markets tumbling.

The cloud service provider had planned to sell 25 million shares but increased the size of the deal to 30 million on Friday on the back of better than expected demand from shareholders, parent company Kingsoft Corp said in a statement on Friday.

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