China's Kingsoft says its cloud computing subsidiary has completed a third round of financing of USD60 million and its investors included IDG and AMC.

During the financing, Kingsoft invested USD31.1 million in the subscription of 53,016,833 Kingsoft Cloud shares; AMC invested USD26.31 million in the subscription of 44,851,680 shares; and IDG invested USD2.59 million in the subscription of 4,423,784 shares.

On the completion of the latest financing, Kingsoft now holds a 51.83% stake in Kingsoft Cloud, AMC holds a 2.48% stake, and IDG grabs a 4.32% stake. Prior to this, Kingsoft and IDG already invested in Kingsoft Cloud, while AMC is a new investor. Based on the investment amount and stake ratio of AMC, Kingsoft Cloud was valued at USD1.06 billion in the latest round.

Kingsoft Cloud previously completed its second-round financing of USD66.66 million in March 2015. After the second-round financing, Kingsoft held a 52.3% stake in the company and Xiaomi and IDG held a 24.5% stake and a 3.98% stake, respectively.