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Kingdee's middleware arm plans IPO
By Zhu Shenshen |
May 28, 2009, Thursday
|
Print Edition
Print Edition
KINGDEE Software Co aims to spin off its middleware subsidiary and issue an initial public offering of the firm on the forthcoming domestic Growth Enterprise Market, the country's major management software firm said yesterday in Shanghai.
"We hope to be in the first batch of firms to get listed on the new growth market," said Feng Jicheng, general manager of Kingdee Middleware Co.
Middleware is computer software that connects software components or applications, including Web services.
Kingdee Middleware will use the money the IPO raises to expand distribution channels and for mergers and acquisitions, said Feng, who declined to reveal more financial details of the IPO.
Hundreds of start-up companies plan to be listed on the new growth market, analysts say.
Companies who want to be listed on the board must have been in business for more than three years and hold net assets of at least 20 million yuan (US$2.9 million). The company's share capital must exceed 30 million yuan after the listing.
Hong Kong-listed Kingdee, China's second biggest management software firm, aims to challenge overseas middleware giants in the domestic market through the IPO, Feng said.
In 2008, Kingdee Middleware's market share was about 11.3 percent in the domestic middleware market, putting it in third position after IBM and Oracle, which each command 27 percent of the market, according to CCW Research, a Beijing-based IT consulting firm.
Kingdee Middleware has more than 1,000 clients including Vanke, China's biggest public real estate developer.
The government stimulus package has also brought the firm opportunities as it is expected to win orders to help government bureaus improve their IT infrastructure, said Feng.
"We hope to be in the first batch of firms to get listed on the new growth market," said Feng Jicheng, general manager of Kingdee Middleware Co.
Middleware is computer software that connects software components or applications, including Web services.
Kingdee Middleware will use the money the IPO raises to expand distribution channels and for mergers and acquisitions, said Feng, who declined to reveal more financial details of the IPO.
Hundreds of start-up companies plan to be listed on the new growth market, analysts say.
Companies who want to be listed on the board must have been in business for more than three years and hold net assets of at least 20 million yuan (US$2.9 million). The company's share capital must exceed 30 million yuan after the listing.
Hong Kong-listed Kingdee, China's second biggest management software firm, aims to challenge overseas middleware giants in the domestic market through the IPO, Feng said.
In 2008, Kingdee Middleware's market share was about 11.3 percent in the domestic middleware market, putting it in third position after IBM and Oracle, which each command 27 percent of the market, according to CCW Research, a Beijing-based IT consulting firm.
Kingdee Middleware has more than 1,000 clients including Vanke, China's biggest public real estate developer.
The government stimulus package has also brought the firm opportunities as it is expected to win orders to help government bureaus improve their IT infrastructure, said Feng.
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