Kingsoft Cloud Holdings Ltd (NASDAQ:KC) shares are trading significantly higher Wednesday alongside several other Chinese stocks following a Chinese state media report indicating China's financial stability and development committee urged market stability measures and mentioned cooperation with U.S. regulators.
According to Chinese state media, regulators from both countries are progressing toward a plan for U.S.-listed Chinese stocks. The report suggests the Chinese government supports the listing of Chinese companies on foreign exchanges and that its crackdown on tech companies could come to an end sometime soon.
Kingsoft Cloud Holdings is an independent cloud service provider in China.
Related Link: Why Alibaba, Nio And Other Chinese Stocks Are Surging
KC 52-Week Range: $2.50 - $53
Kingsoft shares were up 76.6% at $5.67 at time of publication.
Photo: akitada31 from Pixabay.
