Parting clouds

6 May 2020 By Robyn Mak Follow @mak_robyn

Lei Jun is eyeing a healthy $3.6 bln valuation for his cloud venture. The Xiaomi founder makes for a tried and tested boss for Kingsoft, a strong rival to Alibaba and Tencent. In the wake of the Luckin scandal and Covid-19, it looks as good as any Chinese company in New York can.

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China's Kingsoft Cloud Holdings is raising up to $450 million in a U.S. initial public offering which could value the company at up to $3.6 billion, according to an updated prospectus filing dated May 4.

The company, which is a subsidiary of Hong Kong-listed Kingsoft Corp, is selling 25 million American depositary shares (ADS) between $16 and $18 per ADS.

Smartphone maker Xiaomi, founded by Kingsoft Corp Chairman Lei Jun, owns 15.8%.

The company made a net loss of $167 million on revenue of $568 million of revenue in 2019.

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