Core Viewpoint - The Nasdaq China Golden Dragon Index experienced a significant increase of 1.4%, indicating a rising interest in Chinese stocks among global investors, particularly from the U.S. [1] Group 1: Market Performance - Popular Chinese concept stocks saw substantial gains, with Wenyuan Zhixing (WRD.US) rising nearly 8%, GDS Holdings (GDS.US) increasing over 6%, and Baidu (BIDU.US), Alibaba (BABA.US), and Kingsoft Cloud (KC.US) all up more than 4% [1] - Bilibili (BILI.US) also saw an increase of over 3% [1] - The Hang Seng Tech Index surged over 3%, reaching its highest level since November 2021 [1] Group 2: Analyst Insights - Morgan Stanley's Chief China Equity Strategist, Wang Ying, noted that as corporate earnings stabilize and the technology sector expands, interest in Chinese stocks is growing among global investors [1]

Core Viewpoint - The Nasdaq China Golden Dragon Index opened with a rapid increase of 1.8%, indicating positive market sentiment towards Chinese stocks [1] Company Performance - GDS Holdings (万国数据) saw a rise of over 6%, reflecting strong investor interest [1] - Baidu (百度) and Alibaba (阿里巴巴) both increased by over 4%, suggesting a favorable outlook for these major tech companies [1] - Kingsoft Cloud (金山云) experienced a gain of over 3%, indicating positive market reception [1] - Miniso (名创优品) declined by over 3%, highlighting potential concerns or negative sentiment towards the company [1]

Core Viewpoint - Kingsoft Cloud (03896) has completed its placement agreement, with all conditions met as of October 2, 2025, resulting in the issuance of new shares [1] Summary by Relevant Sections - Placement Details - A total of 338 million shares were placed at a price of HKD 8.29 per share [1] - The placement represents approximately 7.46% of the company's issued ordinary shares after the completion of the placement [1]

智通财经APP讯，金山云(03896)发布公告，配售协议所有条件均已达成，且配售事项已于2025年10月2 日完成。 根据配售协议的条款及条件，合共3.38亿股配售股份已由配售代理按配售价每股配售股份8.29港元配售 予不少于六名承配人，相当于紧随配售事项完成后公司经配发及发行配售股份扩大后已发行普通股约 7.46%。 ...

Core Viewpoint - Kingsoft Cloud (03896.HK) announced the completion of a placement agreement, with all conditions met as of October 2, 2025, involving the placement of 338 million shares at a price of HKD 8.29 per share, resulting in an increase of approximately 7.46% in the total issued ordinary shares post-placement [1] Summary by Relevant Sections - **Placement Details** - A total of 338 million shares were placed at a price of HKD 8.29 per share [1] - The placement was made to no fewer than six subscribers [1] - **Impact on Share Capital** - Following the completion of the placement, the company's total issued ordinary shares will increase by approximately 7.46% [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 金山云控股有限公司 呈交日期： 2025年10月2日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 03896 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | 已發行股份（不包括庫 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 本公告僅供參考，且並不構成收購、購買或認購本公司任何證券的邀請或要約。本公告並不構 成向美國、香港或任何其他司法管轄區的公眾提呈出售本公司任何證券的招股章程、發售通 函、通告、通函、宣傳冊或廣告，亦並非向公眾發出邀請以就認購或購買本公司任何證券作出 要約，亦非旨在邀請公眾就認購或購買本公司任何證券作出要約。本公告不得被視為認購或購 買本公司任何證券的勸誘，且並無意進行有關勸誘。本公司或配售代理或其各自的任何聯屬公 司及顧問概無於美國、香港或任何其他司法管轄區透過刊發本公告而發售本公司任何證券或徵 求購買本公司任何證券的要約。 Kingsoft Cloud Holdings Limited 金山云控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：3896） （納斯達克股票代碼：KC） 完成根據一般授權配售新股份 根據配售協議的條款及條件，合共338,000,000股配售股份已由配售代理按配售價 每 ...

Core Insights - The demand for computing power in the AI cloud sector is surging, with Alibaba Cloud's executives claiming that global data center energy consumption will increase tenfold by 2032 compared to 2022 [1][3] - Kingsoft Cloud announced a fundraising of HKD 2.7 billion to invest in its AI business, but its stock price fell, indicating market skepticism despite the growth in revenue [3][5] Company Performance - Kingsoft Cloud's revenue grew by 17.8% year-on-year in the first half of 2025, with AI business revenue skyrocketing by 120% to CNY 729 million, accounting for nearly 40% of public cloud revenue [3][5][10] - Despite revenue growth, Kingsoft Cloud has not turned a profit since its establishment in 2012, accumulating losses of CNY 8.4 billion from 2021 to 2024, with a loss of CNY 770 million in the first half of 2025, which is an increase of 7.81% year-on-year [5][6] Financial Structure - Kingsoft Cloud's reliance on external financing is increasing, with a debt ratio rising from 68.7% to 71.6% [5][6] - The company recently raised over HKD 2 billion in April 2025 and is now seeking an additional HKD 2.7 billion, raising concerns about its cash flow sustainability [6] Strategic Partnerships - Kingsoft Cloud has a strategic partnership with Xiaomi, being the only cloud platform in Xiaomi's ecosystem, which provides a stable demand for its services, particularly in smart driving and AIoT devices [8][10] - The revenue from Xiaomi and Kingsoft's ecosystem reached CNY 630 million in Q2 2025, a year-on-year increase of 69.5%, representing 26.8% of total revenue [10] Market Positioning - Kingsoft Cloud's strategy focuses on deepening its ecosystem rather than competing directly with larger players like Alibaba and Tencent, which allows it to avoid homogenized competition [12][16] - The company is leveraging its partnerships to create a stable customer base and test its technology in various verticals, which is crucial for long-term growth [12][16] Long-term Outlook - The long-term value of Kingsoft Cloud will depend on its ability to monetize its ecosystem and convert enterprise clients from WPS into AI cloud users [14] - The successful implementation of new technologies, such as the ninth-generation cloud server and data management platform, is essential for sustaining growth and mitigating losses [14][16]

Group 1 - The majority of popular Chinese concept stocks experienced a decline, with the Nasdaq Golden Dragon China Index falling by 1.56% [1] - Kingsoft Cloud saw an initial drop of over 10%, while Daqo New Energy fell by more than 8% [1] - NIO, Li Auto, Global Data, and Bilibili all recorded declines of at least 4%, whereas New Oriental rose by over 1% and Xpeng increased by 2.5% [1]

Market Overview - The U.S. stock market opened higher on September 26, with the Dow Jones up 0.49%, S&P 500 up 0.26%, and Nasdaq down 0.02% [1] - The Nasdaq Golden Dragon China Index fell by 1.72% [2] Stock Performance - Major U.S. indices showed mixed results, with the Dow Jones at 46,174.23 (+226.91, +0.49%), S&P 500 at 6,622.17 (+17.45, +0.26%), and Nasdaq at 22,380.21 (-4.49, -0.02%) [3] - Chinese concept stocks experienced a downturn, with notable declines: Kingsoft Cloud down over 11%, Daqo New Energy down over 8%, Bilibili down over 5%, and NIO down over 6% [3] Technology Giants - Among the tech giants, Tesla rose by 0.43% to $425.215, Amazon increased by 0.37% to $218.960, while Nvidia fell by 0.90% to $176.091 [4] Precious Metals - Gold prices surged, reaching $3,780 per ounce, with a rise of approximately 0.8% [6] - Deutsche Bank noted that gold prices are driven by risk aversion, with predictions of gold potentially reaching $4,000 to $5,000 per ounce by 2026 under various scenarios [9] - Analysts suggest that despite recent price increases, gold remains a favorable long-term investment due to potential monetary policy changes and ongoing market risks [9]