Kingsoft Cloud Holdings $510 million IPO and Nasdaq listing
Davis Polk advised Kingsoft Cloud Holdings Limited on its SEC-registered initial public offering of 30,000,000 American Depositary Shares for total proceeds of approximately $510 million. Each ADS represents 15 ordinary shares of Kingsoft Cloud. Kingsoft Cloud has granted the underwriters an option to purchase up to an additional 4,500,000 ADSs. The ADSs are listed on the Nasdaq Global Select Market under the symbol “KC”.
Kingsoft Cloud is the largest independent cloud service provider in China. Kingsoft Cloud has built a comprehensive and reliable cloud platform consisting of extensive cloud infrastructure, cutting-edge cloud products and well-architected industry-specific solutions across public cloud, enterprise cloud and AIoT cloud services.
The Davis Polk corporate team included partners Li He, James C. Lin and Yang Chu, counsel Ran Li, registered foreign lawyers Bo Huang, Fei (Grace) Kong and Mendtuvshin (Mendee) Enkhtaivan and associates Kai Sun and Tonny Yu. Counsel Alon Gurfinkel and associates Omer Harel and Summer Xia provided tax advice. Associate Allison Gunther provided 1940 Act advice. Members of the Davis Polk team are based in the Hong Kong, Beijing, London and New York offices.