Kingsoft Cloud (KC) Stock: Why The Price Surged Today

By Amit Chowdhry ● Mar 18, 2022
  • The stock price of Kingsoft Cloud Holdings Ltd (NASDAQ: KC) increased by 20.76% today. This is why.

The stock price of Kingsoft Cloud Holdings Ltd (NASDAQ: KC) increased by 20.76% today. Investors responded positively to talks between President Joe Biden and Chinese President Xi Jinping.

During the call, the two leaders discussed Russia’s invasion of Ukraine. President Biden had the objective of convincing China to remain on the sidelines and turn down Russia’s requests for military and economic aid from the Asian country.

And Xi told Biden that the U.S. and China had an obligation to promote peace. And Xi expressed a belief that conflict and confrontation are not in anyone’s interest.

Plus Xi told Biden that the U.S. and China – which are both permanent members of the UN Security Council and the world’s two largest economies – have to lead the development of China-US relations, but also shoulder international responsibilities while making efforts for world peace and tranquility.

Kingsoft also announced recently that the company is exploring a dual listing of its ordinary shares on the Main Board of the Hong Kong Stock Exchange, subject to regulatory approvals and market conditions.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.