Analysis of Kingsoft Cloud (03896.HK)’s Popular Performance in Hong Kong Stock Market

1. Stock Basic Overview
   : Kingsoft Cloud is a dual-listed company, listed on the Hong Kong Stock Exchange (03896.HK) and Nasdaq (KC), belonging to the technology/cloud computing sector [0].
2. Reasons for Popularity
   : No sudden news or announcements directly driving its recent popularity have been found. Possible indirect factors include the 0.31% rise in the U.S. technology sector on December 29, 2025 [0], which has driven attention to Chinese concept cloud stocks, and the market’s long-term expectation of cloud service growth driven by AI computing power demand.
3. Price and Trading Volume Performance
   : Kingsoft Cloud’s Nasdaq (KC) closing price on December 29, 2025, was $10.55 (down 1.68% from the 26th), with a trading volume of 977,000 shares, which is below the average volume of 1.46 million shares. The price range over the past two trading days is $10.44-$10.78 [0].

1. Sector Linkage Effect
   : The trend of Chinese concept cloud stocks is significantly influenced by the sentiment of the global technology sector. As a participant in the segment, Kingsoft Cloud is susceptible to the transmission of overall sector fluctuations.
2. AI-driven Potential Support
   : The market’s growth expectations for cloud computing and AI computing power have brought long-term attention to cloud service providers like Kingsoft Cloud, but there is a lack of clear short-term catalysts for support.
3. Trading Volume Signal
   : Trading volume below the average level indicates limited short-term investor participation; the popular performance may stem more from sector sentiment rather than individual stock-specific events.

• The global growth expectations for the cloud computing and AI computing power market bring business expansion opportunities for cloud service providers.

• Valuation Risk: TTM EPS is -$0.53, P/E ratio is -19.91, and it is in a loss state [0].
• Industry Competition: Faces fierce competition from industry giants like Alibaba Cloud and Tencent Cloud.
• Regulatory Risk: As a Chinese concept stock, it is affected by Sino-US regulatory policies.
• Short-term Volatility: Recent price volatility is small, and there is a lack of clear catalysts to support sustainable growth.

Kingsoft Cloud (03896.HK/KC) has recently become a popular target in the Hong Kong stock market. There is no direct sudden news driving it; it may benefit from the trend of the technology/cloud computing sector and expectations of AI computing power demand. Its Nasdaq price has fallen slightly with trading volume below the average level. It faces multiple risks such as valuation, competition, and regulation, with limited short-term participation.