Chinese tech stocks rise as Kingsoft applies for Hong Kong dual listing
Igor Kutyaev


Chinese tech stocks rose on Wednesday following news that Kingsoft Cloud Holdings (NASDAQ:KC) said it would apply for a dual listing in Hong Kong.
Kingsoft (KC), which makes software, including for video game development, said the dual listing would occur after the completion of its proposal, which is "subject to regulatory approvals, including comprehensive vetting procedures with the Hong Kong Stock Exchange, and other conditions."

Kingsoft added that the dual listing "demonstrates its commitment to provide its shareholders with greater liquidity and protection amid an evolving market and regulatory environment. The Chinese company is already listed in New York on the Nasdaq.
Kingsoft Cloud Holdings (KC) gained more than 4% in premarket trading, while JD.com (NASDAQ:JD), Alibaba (NYSE:BABA), Baidu (NASDAQ:BIDU), NetEase (NTES) and Bilibili (BILI) also rose early on Wednesday.
The news of Kingsoft (KC) filing for a dual listing comes one day after Alibaba (BABA) made a similar announcement.
In May, investment firm J.P. Morgan upgraded Chinese tech stocks, citing an abatement to "significant uncertainties facing the sector."