SEHK:3888
SEHK:3888Entertainment

Does Kingsoft (SEHK:3888) Xiaomi Pact Deepen Strategic Moat Or Heighten Ecosystem Dependence Risks?

Kingsoft Corporation announced that on 30 December 2025 it entered a six-year lease with Xiaomi affiliate Beijing Duokan and renewed a three-year framework agreement with Xiaomi covering mutual services, game co-operation and product supply through 2028. The renewed Xiaomi agreements deepen Kingsoft’s reliance on a related-party ecosystem while formalizing recurring service, gaming and ancillary transactions under Hong Kong connected transaction rules. We’ll now examine how this extended...