(Bloomberg) -- Kingsoft Corp Ltd., the Chinese software company whose chairman is Xiaomi Corp. co-founder Lei Jun, is preparing to go head-to-head with Alibaba Group Holding Ltd. in the rapidly growing market for cloud-computing services.

Kingsoft Chief Executive Officer Hongjiang Zhang is banking on new businesses from mobile games to cloud computing to help pull the company out of the red. Cloud services in particular are expected to take off in coming years as Chinese corporations begin to move IT onto the internet, and no one company can own a monopoly in the market, Zhang told Bloomberg News.

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