Kingsoft Renews Three-Year Connected Transaction Framework with Xiaomi

Kingsoft Corporation has renewed its three-year connected transaction framework with Xiaomi Group, extending the agreement to December 31, 2028. The deal formalizes ongoing transactions, with Kingsoft providing services like promotion and game operations on Xiaomi's platforms, while Xiaomi offers promotional and ancillary services. As Lei Jun, a substantial shareholder, is associated with Xiaomi, the deal is classified as a connected transaction under Hong Kong rules, exempting it from independent shareholder approval. The renewal highlights the long-term partnership between the two companies. The current analyst rating for Kingsoft stock is a Hold with a price target of HK$30.00.