Benzinga | Sep 24, 2020 07:20AM EDT

Kingsoft Cloud Announces Pricing Of 8M ADS Offering; Announces Selling Shareholders Are Selling 8,421,576 ADSs At $31/ADS

BEIJING, Sept. 24, 2020 (GLOBE NEWSWIRE) -- Kingsoft Cloud Holdings Limited ("Kingsoft Cloud" or the "Company") (NASDAQ:KC), a leading independent cloud service provider in China, today announced the pricing of a public offering of 8,000,000 American depositary shares (the "ADSs"), each representing 15 ordinary shares of the Company (the "Primary ADS Offering"). In addition, several selling shareholders are offering 8,421,576 ADSs of the Company (the "Secondary ADS Offering" and, together with the Primary ADS Offering, the "ADS Offering"), at US$31.00 per ADS. Kingsoft Cloud will not receive any proceeds from the sale of ADSs by the selling shareholder. The Company has granted the underwriters of the ADS Offering a 30-day option to purchase up to an additional 2,463,240 ADSs.



J.P. Morgan Securities LLC, UBS Securities LLC, Credit Suisse Securities (USA) LLC, China International Capital Corporation Hong Kong Securities Limited and Goldman Sachs (Asia) L.L.C. are acting as the joint book-running managers for the ADS Offering.

The Company expects to close the ADS Offering on or about September 28, 2020, subject to the satisfaction of customary closing conditions.

A preliminary prospectus related to the proposed ADS Offering has been filed with the SEC and is available on the SEC's website at www.sec.gov. The ADSs may not be sold nor may offers to buy be accepted prior to the time the registration statement on FormF-1containing the preliminary prospectus becomes effective under the Securities Act of 1933, as amended. A preliminary prospectus for the offering may be obtained from (1) J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, by telephone: 1-866-803-9204, or by emailing at prospectus-eq_fi@jpmchase.com; (2) UBS Securities LLC, Attention: Prospectus Department, 1285 Avenue of the Americas, New York, NY 10019, by telephone at 1-888-827-7275 or by emailing ol-prospectus-request@ubs.com; (3) Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, 11 Madison Avenue, New York, NY 10010-3629, United States of America, by telephone 1-800-221-1037, or by emailing at usa.prospectus@credit-suisse.com; (4) China International Capital Corporation Hong Kong Securities Limited, 29th Floor, One International Finance Centre, 1 Harbour View Street, Central, Hong Kong; and (5) Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, telephone: 1-212-902-1171, facsimile: 212-902-9316 or by emailing prospectus-ny@ny.email.gs.com.

The Company plans to use the net proceeds from the Primary ADS Offering for further investment in upgrading and expanding its infrastructure, further investment in technology and product development, funding the expansion of its ecosystem through strategic partnership, investments and acquisitions, and other general corporate purposes.

A registration statement relating to these securities has been declared effective by the U.S. Securities and Exchange Commission (the "SEC") on September 23, 2020. This press release shall not constitute an offer to sell or a solicitation of an offer to purchase any securities, nor shall there be a sale of the securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

This press release contains information about the pending offering of the ADSs, and there can be no assurance that the offering will be completed.