BEIJING, Dec. 13 (Xinhua) -- China's leading provider of management cloud SaaS (software as a service)Kingdee International Software announced on reaching agreement subject to which Qatar Investment Authority (QIA) will subscribe for the ordinary shares issued by Kingdee International under a general mandate and will hold 4.26 percent of Kingdee International's total common shares upon completion of the transaction, reported China Securities Journal on Monday.
It is learned that this is the largest single investment by Middle East fund in a major listed company in Hong Kong stocks since 2019 as well as in China's software enterprises. The subscription price of QIA is RMB 10.1 yuan per share, which is close to the current stock price of Kingdee International, indicating QIA's recognition of Kingdee International's valuation and confidence in its long-term development potential.
Xu Shaochun, chairman and CEO of Kingdee said this strategic investment underscores Kingdee's increasingly leading position in China's enterprise digital management industry and further supports the company's international growth strategy.
Mohammed Al-Hardan, head of technology, media and telecommunications department at QIA, said: "QIA is committed to investing in technology companies driving global innovation. We believe in the long-term growth opportunity of Asia's software sector and recognize Kingdee as a category leader and key enabler of enterprise cloud transformation."
Analysts said that QIA's strategic investment will help Kingdee expand its business in the Middle East market and lay a good foundation for its internationalization strategy.
(Edited by Bao Nuomin with Xinhua Silk Road, baonuomin@xinhua.org)
A single purchase
