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IDG Capital Partners Agrees to Participate in a Financing Round for Kingsoft Cloud Group (Asia)

Hong Kong-listed parent company Kingsoft, China-based investment entity ChinaAMC Special Investment and venture capital firm IDG Capital Partners have agreed to invest US$60 million in China-based cloud hosting, storage and database services company Kingsoft Cloud Group. Kingsoft will invest US$31.1 million, while ChinaAMC Special Investment and IDG will contribute US$26.31 million and US$2.59 million, respectively. Kingsoft Cloud Group will use the new capital to support its business development. The transaction is subject to customary closing conditions.