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BEIJING - Kingsoft Cloud Holdings Limited (NASDAQ:KC and HKEX:3896) announced Wednesday that its Chief Financial Officer He Haijian has resigned effective June 30, 2025, citing personal commitments. The company, which currently trades at a P/E ratio of 113x and has seen its stock decline by 26% over the past year, faces challenges with cash management according to InvestingPro analysis.
He will also step down from his position as executive director and member of the corporate governance committee of the board, according to a company statement.
The cloud service provider said He confirmed he has no disagreement with the board and no claims against the company. There are no other matters related to his resignation that require disclosure to shareholders or the Hong Kong Stock Exchange.
"On behalf of the Board, I would like to express our sincere gratitude to Haijian for his outstanding leadership and invaluable contributions over the past five years," said Lei Jun, Chairman of Kingsoft Cloud.
The company intends to appoint a new chief financial officer "in due course" and stated that its board and senior management remain committed to executing strategic priorities.
He Haijian has served in his role for five years at the Beijing-based company, which provides cloud services to customers in selected industry verticals in China.
The announcement was made in a press release issued by the company.
In other recent news, Kingsoft Cloud Holdings Limited has announced the pricing of its underwritten public offering of American depositary shares (ADSs) and a concurrent private placement. The public offering is priced at $11.27 per ADS, with each ADS representing 15 ordinary shares. This translates to a price of HK$5.83 per ordinary share. Kingsoft Cloud is offering 18,500,000 ADSs, equivalent to 277,500,000 ordinary shares, with the option for investors to receive ordinary shares traded on the Hong Kong Stock Exchange. The offering’s underwriters include Morgan Stanley Asia Limited and Goldman Sachs (Asia) L.L.C., among others. Additionally, Kingsoft Corporation Limited, an existing shareholder, has agreed to purchase 69,375,000 ordinary shares in a private placement at the same price per share as the public offering. The gross proceeds from these transactions are expected to be approximately $260.7 million, which the company plans to use for infrastructure upgrades, technology and product development, and general corporate purposes. The offering is being conducted under an automatic shelf registration statement filed with the SEC.
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