Photo/Tuchong

Dec. 23 (NBD) -- The Hong Kong Stock Exchange (HKEx) has green-lighted Kingsoft Corporation Limited ("Kingsoft", 03888.HK)'s proposed spin-off and separate listing of Kingsoft Cloud, the Chinese Internet service provider announced on Sunday evening.

National Business Daily noticed that Kingsoft Cloud on December 20 filed with the U.S. Securities and Exchange Commission for an initial public offering (IPO).

As at the date of the announcement, Kingsoft Cloud is a non-wholly owned subsidiary of Kingsoft. Following completion of the proposed spin-off, Kingsoft Cloud will cease to be a subsidiary of the Hong Kong-listed company.

According to Kingsoft's financial results for the three month ended 30 September 2019, revenue from the online games, cloud services, office software and services and others represented 33 percent, 48 percent and 19 percent, respectively of the total.

Noticeably, Kingsoft has previously split its office software arm Kingsoft Office Software Corp. (688111, SH) which rang the bell on China's Nasdaq-like STAR Market last month.

Email: lansuying@nbd.com.cn