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Kingsoft Cloud applies for dual listing of Hong Kong stocks, IDC costs continue to increase

On July 27, the website of the Hong Kong Stock Exchange disclosed that Kingsoft Cloud officially submitted an application to be listed on the Hong Kong stock market, and at the same time continued to maintain its main listing status and trade on the Nasdaq.


At present, listing in Hong Kong has become a common choice for Chinese concept stocks. According to the application, Kingsoft Cloud accounted for 3.1% of China's cloud service market in 2021, making it the fourth largest cloud service provider in China and the largest independent cloud service provider in China. From 2019 to 2021, Kingsoft Cloud's revenue was 3.956 billion yuan, 6.577 billion yuan, and 9.061 billion yuan respectively. In the first quarter of 2022, the revenue was 2.17 billion yuan, a year-on-year increase of 20%. Among them, the public cloud achieved revenue of 1.38 billion yuan; the industry cloud maintained rapid growth and achieved revenue of 790 million yuan.


The application information shows that in Kingsoft Cloud's operating costs, Internet data centers have always accounted for a large portion, and have continued to increase in the past three years. In 2021, the cost of Internet data centers reached 58.6% of operating costs.


In 2021, among the top five suppliers of Kingsoft Cloud, there are three data center service providers and two server and equipment providers.


Kingsoft Cloud purchases servers, network equipment and network resources from suppliers, and leases data centers. As of the end of March 2022, Kingsoft Cloud mainly operates two data centers and more than 110,000 servers in China, and has achieved exabyte-level storage capacity.


In addition to leasing, Kingsoft Cloud has also started building its own data center.


In May of this year, Kingsoft Cloud's first large-scale self-built data center, Kingsoft Cloud (Tianjin) Yixianyuan Cloud Computing Data Center, was opened in Tianjin Economic and Technological Development Zone. The project plans to build 6,600 cabinets, which will be constructed in two phases. The first phase has been put into operation, and the second phase is expected to start by the end of this year.


In addition, Kingsoft Cloud also stated in the financial report that the company actively participates in the "East Data and West Computing", and has completed the construction of Gansu Qingyang data center cluster, which is one of the ten national data center clusters. It carries out project layout in the Guangdong-Hong Kong-Macao Greater Bay Area and the Yangtze River Delta


It is expected that Kingsoft Cloud's research and development expenses, Internet data center costs and capital expenditures will continue to increase.


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