24H | Chinese ADRs Shine. Kingsoft Cloud up 7%; Bilibili up over 5%; Baidu up over 3%; XPeng, JD.com, Li Auto up around 2%; Alibaba, PDD, NIO up over 1%
Chinese ADRs shined in overnight trading. Kingsoft Cloud up over 7%; Bilibili up over 5%; Baidu up over 3%; XPeng, JD.com, CHAU, Li Auto up around 2%; Alibaba, PDD Holdings, NIO up over 1%.
Kingsoft Cloud has unveiled its plan to raise HK$2.8 billion through a public offering of 338 million ordinary shares at HK$8.29 each. The Chinese company aims to finalize the transaction by October 2. The proceeds are earmarked to bolster its artificial intelligence operations, with 80% allocated to infrastructure and cloud service expansions, while the remaining 20% will support general corporate needs. Morgan Stanley Asia Limited is managing the placing.
At the 2025 JD Global Tech Explorer Conference, JD.com CEO Xu Ran announced that Richard Liu has personally taken on the role of President of the JD Exploration Research Institute.
JD.com aims to continue investing in artificial intelligence over the next three years to drive the growth of a RMB-trillion AI ecosystem, while also opening up JD’s scenarios and supply chain data to support embodied AI model training and application testing.
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