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Kingdee to list in HK
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Yang Yunfei
SOFTWARE developer Kingdee International Software Group will float its shares on the Growth Enterprise Market in Hong Kong on Thursday.
The Shenzhen-based software company is expected to raise between HK$78 million (US$10 million) and HK$95 million from the issue of 87.5 million shares. The shares will be priced at between HK$0.89 and HK$1.08 each, a company official said yesterday.
Net proceeds raised from the issue would mainly be used for the research and development of enterprise application software and improving technical support systems, plus advertising and marketing purposes, the official said, asking not to be named.
Founded in 1993, Kingdee develops accounting software and enterprise resource planning (ERP) software for small and medium-sized enterprises.
It posted a net profit of 22.37 million yuan (US$2.68 million) last year. This compared with annual net profits of 12.15 million yuan in 1999 and 5.84 million yuan in 1998.
The company has a 32.8 per cent share of China's accounting software market, second only to User Friend, another local company which has about 36 per cent of the market.
Industry sources said that only about 10 per cent of China's approximately 2.3 million enterprises had adopted information technology to improve their operations, leaving huge room for expansion.
US-based International Data Group (IDG) projected that the market would grow at an annualized 31 per cent over the next four years.
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