Kingsoft to Spin-off Kingsoft Cloud With Hopes for Another IPO
On December 22, Chinese software developer Kingsoft issued a proposal for a spin-off and independent listing announcement, regarding its sub-branch Kingsoft Cloud. At present, Kingsoft Cloud is a non-wholly owned subsidiary of Kingsoft, after the spinning-off process is completed, it will become an independent company.
Kingsoft Cloud is reported to have already submitted a Draft Registration Statement for a Possible Initial Public Offering to the Securities and Exchange Commission on December 20. The company is said to have been considering the move since as early as November.
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Kingsoft Cloud is the branch of the company principally engaged in the provision of cloud storage and cloud computing services. The company established in 2012, currently does business in more than 100 countries and regions around the world. With its own cloud computing infrastructure and operating system, it provides applications suitable for government, finance, medicine, media, video games, education, internet, real estate, content security and other industries.
Since receiving a $ 1.82 million angel round financing from Xiaomi in November 2012, Kingsoft Cloud has completed other multiple rounds with other investors. On January 29, 2018, Kingsoft Group announced that Kingsoft Cloud had received another $200 million in financing, with a post-investment valuation of $ 2.373 billion. Kingsoft Cloud‘s latest valuation is roughly $ 2,650 million.
Another Kingsoft spin-off, Kingsoft office, went public on shanghai’s STAR market in November.