Kingsoft Cloud Holdings (NASDAQ:KC), a leading cloud service provider, has entered into a significant finance lease framework agreement with Cinda Financial Leasing.
The partnership, valued at up to RMB300 million, is set to extend until July 12, 2025, and is aimed at bolstering Kingsoft Cloud's investments in artificial intelligence infrastructure.
Under this agreement, Kingsoft Cloud will gain access to essential servers and accessories necessary for enhancing its cloud services operations but at a reduced initial cost.
This strategic move allows the company to accelerate its deployment of advanced AI technologies and expand its service capabilities.
The transactions facilitated through this agreement will be accounted for as acquisitions of right-of-use assets, adhering to applicable accounting standards, as noted by the company.