Chinese internet and software company Kingsoft is spinning off its cloud division Kingsoft Cloud in an IPO that would raise around $451 million on Nasdaq
What coronavirus? Despite the ongoing coronavirus pandemic, many Chinese tech companies companies conintune to thrive in the midst of economic uncertainties. An example of that can be found in Kingsoft, a software developer and internet service provider in China.
Today, Kingsoft announced it is spinning off its cloud division Kingsoft Cloud in a new public initial offering (IPO) that will be listed on the Nasdaq in the U.S. The announcement comes in the face of a global coronavirus pandemic that has sent stocks tumbling. The company said it expects to raise between $392 million and around $451 million. That will valued the new company at between $3.4 billion and $3.8 billion. Kingsoft’s main competitor is Qihu360.
Founded in 2010 by Hong-Jiang Zhang, Kingsoft Cloud is a platform for businesses and developers, providing online cloud storage and cloud distribution services. Beijing, Beijing, China. Industries Cloud Computing, Cloud Infrastructure, Internet, Web Hosting Headquarters Regions Asia-Pacific (APAC). The startup has raised a total of $968.5M in funding over 9 rounds. Their latest funding was raised on Dec 5, 2019 from a Series D round.
Kingsoft Cloud’s parent company Kingsoft was founded in 1988 Jun Lei. Its main business encompasses internet security, office software, entertainment software, cloud computing, and online translation. The company utilizes the internet as an effective channel to market and distribute its products, and has built an extensive sales and distribution network.
Kingsoft also has R&D centers in Zhuhai, Beijing, Chengdu, and Dalian, producing several products such as Kingsoft Office, Kingsoft PowerWord, Kingsoft Internet Security, and online games such as “JX Series” and “The First Myth.” It also offers an online English learning website www.iciba.com, and an online game website www.xoyo.com. Its subsidiaries include Xishanju Game, Kingsoft Internet Security Software, WPS office, JC Studio, KSyun, and Adin Studio.
As of 2008, WPS Office’s PC version has had over 20 million individual users, and over 250,000 professional version software have been procured by over 830 large and middle domestic enterprises.