Kingsoft Cloud chairman Lei Jun resigned and Zou Tao took over on Mar 25, 2026

Written by Claude Sonnet 5.5, an AI model, from public records. Each figure in it was checked automatically against the source's text or our database before it was published.

Lei Jun resigned as a non-executive director of Kingsoft Cloud with effect from Mar 25, 2026, and so stopped being chairman of its board, a post he had held since 2015, the company said. It gave his other business commitments as the reason and said he confirmed he had no disagreement with the board. Vice chairman Zou Tao, a director since December 2016 and acting chief executive since August 2022, became chairman the same day. Qu Heng, a vice president of Xiaomi Corporation, joined the board as a non-executive director the same day.1^,2^,3^,4^,5^,6^,7^,8

The company passed its Hong Kong announcements to the SEC in a 6-K, the form a foreign company files to relay what it has published at home. One of them gave its unaudited results for the year ended Dec 31, 2025, under US GAAP: revenue of RMB 9,558.6 million, up 22.8% from RMB 7,785.2 million in 2024. Public cloud services revenue was RMB 6,633.5 million, up 32.5% from RMB 5,007.3 million, and the announcement tied the rise mainly to growth in its AI business. Enterprise cloud services revenue was RMB 2,925.1 million, up 5.3% from RMB 2,777.8 million. The group net loss, which includes non-controlling interests, narrowed to RMB 943.7 million from RMB 1,979.0 million in 2024, and RMB 936.3 million of it was attributable to the company's shareholders. The operating loss fell to RMB 772.9 million from RMB 1,739.0 million, a 2024 figure that included an impairment of long-lived assets of RMB 919.7 million. Non-GAAP EBITDA, a measure the company defines itself that leaves out share-based compensation, interest, income tax and depreciation and amortization, among other items, was RMB 2,336.4 million against RMB 638.9 million in 2024. Within cost of revenues, depreciation and amortization was RMB 2,321.7 million against RMB 1,090.1 million in 2024, which the company tied mainly to the depreciation of newly acquired servers related to its AI business.9^,10^,1^,11^,12^,13^,14^,15^,16^,17^,18^,19^,20^,21^,22^,23^,24

The board proposed amendments to the articles of association to meet Hong Kong listing-rule shareholder protection standards, including general meetings that shareholders can attend virtually and vote at by electronic means, subject to a special resolution at the annual general meeting. On Mar 25, 2026 the board resolved to propose a 2026 Share Incentive Plan to replace the plan adopted on Nov 15, 2021, with no further awards under the old plan once the new one was adopted, and conditional on shareholders' approval at a general meeting and the Hong Kong exchange's approval of the listing of the shares issued under it. The board did not recommend a final dividend for 2025.25^,26^,27^,28^,29^,30^,31

The results are unaudited. Ernst & Young agreed the figures to the company's draft financial statements, and the announcement says the firm expressed no assurance on the announcement.11^,32^,33