Summary by Moomoo AI
Kingsoft Cloud Network entered into a Finance Lease Framework Agreement with CMB Financial Leasing on August 20, 2024. The agreement allows for sale and leaseback arrangements with an aggregate finance lease principal not exceeding RMB300 million, set to expire on October 9, 2027. The interest rate is based on the LPR for loans over five years (3.95%) plus 60 basis points, adjustable quarterly.The leased assets include servers and ancillary facilities owned by Kingsoft Cloud Network. The company will provide credit enhancement measures such as accounts receivable pledge and guarantees. This transaction constitutes a discloseable transaction under Hong Kong Listing Rules, requiring reporting and announcement but exempt from shareholder approval.The agreement aims to extend financing channels, enhance liquidity, and optimize Kingsoft Cloud's capital structure. Proceeds will be used for daily operations and equipment procurement. The Board views the agreement as fair, reasonable, and in the best interest of the company and its shareholders.
