Kingsoft Cloud revises annual caps upward for connected transactions with Xiaomi under 2024 and 2025 framework agreements due to rapid business growth and increased demand.
Key takeaways
Revising 2024 Xiaomi Framework Agreement annual caps for cloud services to RMB4,000M in 2026 (from RMB3,138.3M) and RMB6,000M in 2027 (from RMB4,035.1M).
Revising 2025 Xiaomi Cooperation Framework Agreement caps for IDC services (July 2025-July 2028) and hardware equipment (July 2025-July 2026).
Supplemental agreement extends hardware equipment term to Dec 31, 2027 and adds API services from Apr 23, 2026 to Dec 31, 2027.
Transactions require Independent Shareholders’ approval as percentage ratios exceed 5% for certain caps.
Xiaomi holds 10.29% of shares, classifying transactions as continuing connected transactions under HK Listing Rules.
YTD 2026 actual cloud services RMB749.1M and procurement amounts below original 2026 caps.