KC - Chinese software company Kingsoft Cloud shares fall almost 10%

Chinese cloud-software company Kingsoft Cloud Holdings (NASDAQ:KC) shares fell almost 10%, Wednesday, as J.P. Morgan was removed as lead underwriter for Kingsoft's (KC) planned stock offering in Hong Kong. According to a report from Bloomberg, J.P. Morgan will still be involved in Kingsoft's (KC) Hong Kong offering, but will be in a secondary position behind UBS Group AG and China International Capital Corp. Kingsoft (KC), which already lists its shares in New York, is reported planning to list about $100 million shares of its stock in Hong Kong. In March, J.P. Morgan analyst Alex Yao cut his rating on Kingsoft (KC) to underweight, and dropped his price target on the company's stock to $3.50 a share from $8. Kingsoft (KC) then said it would explore a stock listing in Hong Kong.

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Chinese software company Kingsoft Cloud shares fall almost 10%