Slaughter and May, Hong Kong, advised Kingdee International Software Group Company Limited (Kingdee) in relation to its placing of 133,280,000 new ordinary shares announced on 21 August 2020. It is expected that there will be not less than six placees.
The net proceeds of the placing will be used for research and development funding, future potential investments (including to support Kingdee's cloud transformation) and general working capital.
The placing shares were issued under the general mandate granted by the shareholders of Kingdee. The placing shares represent approximately 3.85% of the enlarged issued share capital of Kingdee.
Kingdee is a leading innovative technology company in China’s enterprise service market. Its Enterprise Resource Planning business covers software and hardware products, software implementation services, software consulting, maintenance upgrade and other supporting services. Its cloud business covers enterprise cloud services, finance cloud services and industry cloud services. It has been listed on the Main Board of the Stock Exchange of Hong Kong since 2005.