Asia-Pacific

Kingsoft Cloud is reportedly the third biggest cloud services provider in China by revenue.

Absent domestic cloud giants, US and Chinese platforms are rushing into Japan to fill the void.

The outlay is equivalent to about half its entire fiscal 2019 revenue.

The move comes amid a bigger push by China to promote its efforts to contain the pandemic.

AirTrunk CEO Robin Khuda will keep a minority stake after the transaction, people with knowledge of the matter said.

The winner by a long margin turns out to be ChinData Group, a little-known unicorn-in-waiting data center provider backed by Bain Capital.

The bank's infrastructure-investing arm is reportedly the preferred bidder, and the deal talks are advanced.