REUTERS: Shares of China's Kingsoft Cloud Holdings Ltd jumped over 25per cent on its U.S. market debut, indicating strong investor interest at a time when capital markets globally have been roiled by an economic crisis from the COVID-19 pandemic.AdvertisementKingsoft is the first major initial public offering in the United States since early March.
Kingsoft's services include cloud infrastructure as well as enterprise cloud and artificial intelligence of things. Cloud computing has so far been one of the sectors boosted by the novel coronavirus outbreak, as it drives more businesses to operate digitally and rely on cloud services. Following Luckin's fallout, the U.S. Securities and Exchange Commission and the Public Company Accounting Oversight Board issued a joint statement warning investors against Chinese companies with regard to risks, including financial reporting.