Interesting dynamics in this match. Kang's typical fireball assault doesn't have as much meaning here since Raiden can teleport behind all that crap. Instead, Kang will look to utilize his feet more often in this match. Counter all whiffed supermans with a bicycle or flying kick. That said, don't be afraid to use a few fireballs here. Just don't be stupid about it from full screen or you could find yourself hurting... If Raiden goes to the air, meet him with a JP then air fireball. If Raiden gets in close to try some CQC, resort to the low toe to push Raiden away. The low toe works very well because it can also slip underneath a superman; allowing Kang to either low toe him away or counter with an uppercut. If you can anticipate a teleport, counter with an uppercut, a bicycle kick, or buffer a low fireball out of golden punches.
Raiden needs to take advantage of his teleportation skill and exploit the Kang who likes to spam. Look for an opening, especially if it's full screen. Teleport, then shock and combo with 2xHP, superman. If Kang is too fast or smart enough to low toe you away after the teleport, replace the shocker with an immediate superman. If Kang is smart enough to low toe your supermans, go for a shocker after the whiff. It might even be advisable to tele-block given Kang's punishers. Raiden's JK, superman combo is ill-advised against Kang due to his aa-uppercut. If, however, you can correctly anticipate and jump a fireball, then feel free to apply the combo.
An elite Raiden can frustrate Kang and give him problems. Most of the time though, Kang has the answers and can punish Raiden like few others for his mistakes. 7-3, Kang.