Why did Kingsoft Cloud stock surge today? China says it will stabilize markets
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Kingsoft Cloud Holdings (NASDAQ:KC) shares surged on Wednesday after the Chinese government said it would work to stabilize financial markets.According the Xinhua News Agency, Beijing will take several market friendly measures, including on matters relating to monetary policy and foreign initial public offerings, in order to boost the country's growth.
"Regarding macroeconomic operation, we must implement the decisions and arrangements of the CPC Central Committee, effectively invigorate the economy in the first quarter, proactively respond to monetary policy, and maintain moderate growth in new loans," said a translated version of the Xinhua report. 
The report added that the Chinese government "continues to support various types of companies to list overseas," noting that it would work with U.S. regulators, including the Securities and Exchange Commission on the matter.
It also said that mainland and Hong Kong regulators should "strengthen communication and cooperation" concerning the stability of Hong Kong's financial market.
Shares of Kingsoft Cloud Holdings (KC), which provides cloud storage tools, surged nearly 74% to $5.58 in late-day trading on Wednesday. A number of Chinese stocks surged as well, including Alibaba (NYSE:BABA) and JD.com (NASDAQ:JD), both of which rose more than 30%.

On Tuesday, Kingsoft Cloud Holdings (KC) said it would explore a dual listing of its ordinary shares on the Main Board of the Hong Kong Stock Exchange.