Negative surprise • Good momentum in WPS; sluggishness in online games• Surprising move to potentially reserve cash for Kingsoft Cloud• FV of HKD51 Investment thesis Kingsoft Corp's (Kingsoft; 3888 HK) 2Q21 revenue grew 4% YoY to RMB1.5b. Online games revenue was soft as it registered a decline of 22% YoY on the back of decreased […]

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