In this April 7, 2022 photo, a woman walks past a bank's electronic board showing the Hong Kong share index at Hong Kong Stock Exchange. (VINCENT YU / AP)
HONG KONG – Cloud computer firm Kingsoft Cloud has filed documents for a dual primary listing in Hong Kong, becoming the latest Chinese company to seek a diversified listing in the Asian financial hub.
The New York-listed firm filed its initial prospectus with the Hong Kong Stock Exchange late on Wednesday to press ahead with the listing, which it had flagged in March it was exploring.
E-commerce company Alibaba Group said on Tuesday it was seeking to convert its secondary listing in Hong Kong to a dual primary listing which would allow it to apply for Stock Connect, the scheme which makes it easier for mainland Chinese investors to buy Hong Kong stocks.
READ MORE: Alibaba to apply for dual primary listing in Hong Kong
Kingsoft Cloud did not identify a timeline or how much it could look to raise in the Hong Kong listing
Secondary listed stocks are not included in the Stock Connect scheme.
Kingsoft Cloud, in a statement, did not identify a timeline or how much it could look to raise in the Hong Kong listing.
The company has not decided on the size of the deal which would depend on its share price closer to the launch of the transaction, said one source with direct knowledge of the matter.
The source could not be named as the information was not yet made public.
Kingsoft Cloud did not immediately respond to a request for comment.
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Listed in New York in May 2020, the company has endured a volatile period, with its shares down 77 percent year to date. Its shares were sold in the IPO at $17 each and the stock closed on Wednesday at $3.47, giving it a market capitalization of $845 million.