HK-listed software firm Kingdee falls on weak H1 outlook amid COVID-19

Kingdee International Software Co

13/07/2020 03:33

** Shares of Kingdee International Software Group Co Ltd
 0268.HK  fall 11.6% to HK$17.06, their lowest since June 30 
    ** The stock later trims loss to HK$18, still down 6.7%,
heading for the worst day since March 16 
    ** Co expects to post up to 300 mln yuan ($42.8 mln) loss
for H1 2020 compared with a profit of 109.6 mln yuan in the
year-ago period with H1 revenue falling 5%-10% amid development
of cloud products  urn:newsml:reuters.com:*:nL8N2EH1XP
    ** Says discontinuation of some enterprise resource planning
(ERP) software licensed products, and the COVID-19 pandemic had
hit its small, medium and micro enterprises market business
    ** By last close, the stock had soared 150.6% this year
    ** Guangdong-based Kingdee has outperformed the Hang Seng
Commerce & Industry Index sector  .HSNC  by 28.7 percentage
points in the past one month
    ** The Hong Kong Hang Seng sub-index tracking information
technology firms  .HSCIIT  slides 0.3%
    ** The Hang Seng China enterprises index  .HSCE  climbs
0.2%, and the benchmark index  .HSI  gains 0.3%


($1 = 7.0039 Chinese yuan renminbi)

 (Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)