We advised Kingsoft Cloud on its SEC-registered offering

Davis Polk advised Kingsoft Cloud Holdings Limited in connection with the SEC-registered offering of a combination of 20,075,000 American depositary shares, representing 301,125,000 ordinary shares (which include the full exercise by the underwriters of their option to purchase 2,775,000 ADSs) and 18,000,000 ordinary shares. The gross proceeds from the offering were approximately $240 million.

Concurrently with the offering, the company’s existing shareholder, Kingsoft Corporation Limited, has agreed to purchase 69,375,000 ordinary shares from the company in a private placement pursuant to Regulation S of the Securities Act of 1933, as amended. The gross proceeds from the concurrent private placement are expected to be approximately $52 million.

Kingsoft Cloud Holdings Limited is a leading cloud service provider in China and its securities are dual-primary listed on Nasdaq and the Hong Kong Stock Exchange. With its full commitment to cloud service, it is dedicated to mobilizing its resources to enable customers to successfully embrace the benefits of cloud solutions, to pursue their digital transformation strategies and to create business value.

The Davis Polk corporate team included partners Li He and Jason Xu, counsel – registered foreign lawyers Kevin Zhang and Yue (Jenny) Yin, counsel Wendy Kan, registered foreign lawyer Xiaofei Ye and associate Yi Kai Sit. Members of the Davis Polk team are based in the Hong Kong and Beijing offices.

Copy link to share post