Benzinga | Sep 24, 2020 11:16AM EDT

Why Kingsoft Cloud's Stock Is Trading Lower Today

Kingsoft Cloud (NASDAQ:KC) shares are trading lower on Thursday after the company announced the pricing of its 8 million ADS offering. It also announced selling shareholders are offering 8,421,576 ADS. Both will be priced at $31 per ADS.

Kingsoft Cloud is an independent cloud service provider in China. The company has built a cloud platform consisting of cloud infrastructure, cloud products and industry-specific solutions across public cloud, enterprise cloud and AIoT cloud services. Its products and service include Cloud Server, Cloud hard disk, Virtual private network, Relational Database, and others. Geographically, the firm operates in China.

Kingsoft Cloud shares were trading down 7.08% at $30 at the time of publication. The stock has a 52-week high of $42.80 and a 52-week low of $17.01.