Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

TRENDING
Zhongji Innolight Clears Hong Kong Listing Hearing for Potential $7 Billion IPO
China Issues First Level 3 Certifications Under AI Device Grading System
LATEST
Kai-Fu Lee Says AI Will Soon Reshape Corporate Reporting and Management
Flashy Robot Demos at WAIC Mask Struggles With Real-World Deployment
Kimi K3 Demand Surge Forces Moonshot AI to Pause Sign-Ups
Chinese AI Chip Startups Look Beyond the Cloud to Edge Devices
Biren Unveils 1,024-GPU Optical Super Node Architecture
As AI Agents Take Off, Integration Becomes an Obstacle
Zhongji Innolight Clears Hong Kong Listing Hearing for Potential $7 Billion IPO
China Issues First Level 3 Certifications Under AI Device Grading System
In Depth: China’s AI Boom Creates Demand for a New Kind of Engineer
China’s First AI Companion Rules to Curb Addiction, Protect Minors
China Clears Mobile AI Models, Paving Way for Apple Intelligence
Alibaba Leads $439 Million Funding Round for AI Video Startup AIsphere
Smartphone Shipments Slump as AI Demand Squeezes Memory Supply
StepFun Aims to Bring AI to the Masses With Smartphone
Chinese Robotics Startup Raises $200 Million
Tencent Expands AI Computing Capacity After Hy3 Demand Surge
Xiaomi Cuts Jobs Across Divisions as Earnings Come Under Pressure
Chinese AI Developer MiniMax Raises HK$16 Billion From Equity, Convertible Bond Sale
Tokopedia Downsizing Sparks Indonesian Government Concerns Over Mass Layoffs
AI Chipmaker Enflame Wins Approval for $883 Million STAR Market IPO
Kingsoft Office Awaits Final Approval for Shanghai High-Tech Board Listing

By Isabelle Li / Jul 17, 2019 02:46 AM / Business & Tech

Photo: VCG

Photo: VCG

Hong Kong-listed Chinese software group Kingsoft Corp. Ltd., a Microsoft challenger, is awaiting the Shanghai bourse’s final decision on its plan to list its office software unit on China’s Nasdaq-style high-tech board, renewing a failed attempt from three years ago to float the business division, according to a Monday release on the Shanghai stock exchange.

The Shanghai exchange finished its second round of questioning about the proposed listing of Kingsoft Office, which filed its IPO prospectus May 8 in hopes of raising 2 billion yuan ($291 million). Regulators made enquiries regarding issues related to the unit’s spin-off from Kingsoft, controlling stakeholder and fundraising plan, according to the most recent disclosure.

Lei Jun, the founder of Xiaomi Corp., co-founded Kingsoft 12 years before his foray into the smartphone industry. Lei has been the chairman of Kingsoft’s board since 2011. As of the end of May, Lei held 15.31% of Kingsoft with an overriding 25.7% voting right. Through several affiliates, Lei holds 11.99% of Kingsoft Office, according to the company’s response to regulators disclosed by the stock exchange.

If approved, Kingsoft Office would become the third listed company controlled by the Chinese tech entrepreneur, after Kingsoft and Xiaomi listed in Hong Kong.

Kingsoft’s Hong Kong shares rose 1.79% Tuesday to close at HK$17.04 ($2.18) apiece.

Related: Xiaomi CEO Tries to Follow in Steve Jobs’ Footsteps

Contact reporter Isabelle Li (liyi@caixin.com)

Share this article
Open WeChat and scan the QR code