Kinsoft sliding nearly 7% in Hong Kong after it warning substantial loss for Jan – Sept period
COMPANY NEWS STOCKS
Kinsoft sliding nearly 7% in Hong Kong after it warning substantial loss for Jan – Sept period
COMPANY NEWS STOCKS

Kinsoft sliding nearly 7% in Hong Kong after it warning substantial loss for Jan – Sept period

 

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Shares of Kingsoft are sliding nearly 7% to hit HK$20.5 apiece in Hong Kong.

The company said in a filing on Thursday that its has noted that the recoverable amount of the investment in Kingsoft Cloud Holdings Limited (KC.US) has been significantly impacted by its sluggish stock prices and recent financial performance.

Kingsoft is in the process of assessing the recoverable amount of the investment in Kingsoft Cloud and plans to make an impairment provision and the amount of the proposed provision as at 30 September 2022 is expected to be within the range of 5.6 billion yuan – 6.5 billion yuan, before tax, and 5 billion – 5.9 billion yuan, net of tax, it said.

After taking into account of the proposed impairment provision, Kingsoft is expected to record a substantial loss for the nine months ended 30 September 2022, according to the filing.