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Chinese cloud computing provider offering public cloud infrastructure and AI cloud services, affiliated with Kingsoft/Xiaomi.
Chinese cloud computing provider offering public cloud infrastructure and AI cloud services, affiliated with Kingsoft/Xiaomi.
Sells compute and storage by usage and contract. Xiaomi, an affiliate, and Chinese internet companies are big customers, and GPU servers for AI are capital-intensive. Kingsoft Corp, chaired by Xiaomi founder Lei Jun, is its parent.
In one line: A smaller Chinese AWS/Azure-style cloud provider.
Moat: none (scale). Sub-scale versus Alibaba Cloud/Tencent Cloud/Huawei Cloud in a capital-intensive, price-competitive market.
Headquarters: Beijing, China · Founded: 2012 · Employees: 15,225
Size Kingsoft Cloud (3896.HK) is a Hong Kong Information Technology company (Data Processing Services) with a market value of $2.54B, the 375th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$4.39 on 6 Nov 2026.
Performance Over six months the shares fell 47.1%, against -30.0% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 7th lowest of 19 in its peer set.
Growth Revenue grew 35.3% over the last twelve months (peer median +8.1%); the operating margin is -3.2% (peer median -1.2%).
Valuation It trades at 1.8× enterprise value to sales against a peer median of 6.1× (4th cheapest of 21).
Capital Return on invested capital runs 14.7 points below its cost of capital (12.2% WACC).
Next results Next results expected around 24 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$12.3B | HK$10.4B | HK$8.44B | HK$7.79B | HK$9.51B |
| Revenue growth | — | +23% | +8% | -18% | — |
| Gross profit | HK$1.85B | HK$1.47B | HK$1.45B | HK$755M | HK$306M |
| EBITDA | HK$3.34B | HK$1.82B | HK$448M | -HK$568M | -HK$1.27B |
| Net income | -HK$676M | -HK$1.02B | -HK$2.13B | -HK$2.40B | -HK$3.09B |
| Free cash flow | n/a | -HK$1.02B | -HK$3.30B | -HK$2.35B | -HK$1.31B |
| Capital expenditure | n/a | HK$5.14B | HK$3.99B | HK$2.17B | HK$1.56B |
| Total debt | HK$7.93B | HK$12.1B | HK$5.53B | HK$1.90B | HK$2.36B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Kingsoft Cloud 3896.HK | $2.54B | -47% | +35% | -3% | 1.8× | n/a |
| Alibaba Group Holding Limited Sponsored ADR BABA | $255B | -22% | +8% | 4% | 1.6× | n/a |
| Tencent 0700.HK | $482B | -11% | +16% | 32% | 4.4× | 6.4% |
| Baidu, Inc. Sponsored ADR BIDU | $25.8B | -42% | -1% | 7% | 1.2× | n/a |
| UCloud Technology 688158.SS | $2.08B | -34% | +26% | 2% | 6.8× | n/a |
| China Telecom 0728.HK | $89.4B | -14% | +1% | 6% | 1.2× | -17.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 3896.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -9.8% | -7.7% | 11th highest of 21 |
| 6-month return | -47.1% | -30.0% | 7th lowest of 19 |
| Distance from 52-week high | -54.9% | -40.8% | 8th lowest of 21 |
| Revenue growth (TTM) | +35.3% | +8.1% | 7th highest of 21 |
| Operating margin | -3.2% | -1.2% | 10th lowest of 21 |
| EV / Sales | 1.8× | 6.1× | 4th cheapest of 21 |
| ROIC minus cost of capital | -14.7 pp | -7.0 pp | 7th lowest of 21 |
| EV / EBITDA | 6.7× | 18.0× | 4th cheapest of 13 |
| Net debt / EBITDA | 0.7× | 0.8× | 8th least indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Kingsoft Cloud 3896.HK | Hong Kong | $2.54B | -47% | +35% | -3% | 1.8× | n/a | n/a |
| Sunevision 1686.HK | Hong Kong | $2.46B | -29% | +6% | 52% | 11.2× | 10.9% | +10.7% |
| Ionic Digital IOND | United States | $2.68B | n/a | -8% | -44% | 18.5× | n/a | n/a |
| Csquare CSQR | United States | $2.39B | n/a | +9% | 10% | 7.9× | n/a | n/a |
| Beijing Sinnet Technology 300383.SZ | China | $2.70B | -37% | -2% | -11% | 3.3× | 46.5% | -0.7% |
| Tgs TGS.OL | Norway | $2.73B | -13% | -30% | 12% | 2.4× | 5.5% | +36.2% |
| DXC Technology DXC | United States | $2.31B | +58% | -3% | 1% | 0.4× | 3.2% | -6.5% |
| Megaport MP1.AX | Australia | $2.80B | +86% | +37% | -10% | 11.9× | n/a | n/a |
| Cipher Digital CIFR | United States | $2.99B | -68% | -29% | -172% | 42.6× | n/a | n/a |
| Shenzhen Xunce Technology 3317.HK | Hong Kong | $1.93B | -79% | +287% | -3% | 6.4× | n/a | n/a |
| Kyndryl Holdings Incorporation KD | United States | $3.55B | +33% | -1% | 4% | 0.4× | 1.6% | -4.9% |
| Dentsu Soken 4812.T | Japan | $3.56B | +31% | +10% | 14% | 2.8× | 0.3% | +8.7% |
| Bitdeer Technologies BTDR | United States | $1.63B | -55% | +128% | -30% | 3.8× | n/a | n/a |
| JOYY, Inc. Sponsored ADR JOYY | United States | $3.98B | +37% | +8% | 2% | 1.2× | 19.8% | +2.1% |
| ChronoScale CHRN | United States | $1.57B | -31% | +190% | -68% | 32.6× | n/a | n/a |
| GDS 9698.HK | Hong Kong | $4.22B | -52% | +13% | 17% | 5.5× | n/a | n/a |
| JMDC 4483.T | Japan | $1.52B | +10% | +19% | 20% | 5.0× | 19.7% | +24.6% |
| Suncorporation 6736.T | Japan | $1.49B | +22% | -11% | 1% | 23.8× | n/a | n/a |
| HawkEye 360 HAWK | United States | $1.45B | -55% | +88% | -8% | 5.7× | n/a | n/a |
| Applied Digital APLD | United States | $4.70B | -62% | +290% | -24% | 11.8× | n/a | n/a |
| Capitalonline Data Service 300846.SZ | China | $1.28B | -37% | 0% | -7% | 7.0× | n/a | n/a |