[Epoch Times, August 26, 2021]On August 25, the share prices of two listed companies under China’s largest personal desktop software developer Kingsoft Corporation plummeted. Kingsoft’s Hong Kong stock plunged 21%, and its market value shrank by more than HK$10 billion; It also collapsed the office of the A-share subsidiary Jinshan, and its market value shrank 28.1 billion yuan.
On the 25th, the Hong Kong-listed Kingsoft Software opened and moved low. At one time, it fell more than 24% during the session. As of the close, Kingsoft fell 21% to close at 31.15 Hong Kong dollars, and its market value shrank by more than 10 billion Hong Kong dollars.
The company released a semi-annual report last night, and the half-year net profit was only 165 million yuan, a decrease of about 98% compared with the 9.158 billion yuan in the same period last year.
Subsequently, the Jinshan office of Jinshan Company’s A-share subsidiary was also collapsed. It once hit the limit of price (a decrease of 20%), and finally closed down 17.73%, with a turnover of 2.64 billion yuan (the same below) on the 24th, up from 1,600 on the 24th. The market value of 100 million yuan has shrunk by 28.1 billion yuan.
According to a report by a brokerage firm, China, the direct cause of the two Jinshan stocks’ plummeting was that the previously disclosed interim report fell short of expectations.
On the evening of August 24, Jinshan Company announced its first half of 2021 results. According to the announcement, in the first half of the year, Kingsoft’s revenue was 3.039 billion yuan, a year-on-year increase of 17%; the profit attributable to owners of the parent company was 165 million yuan, compared with 9.157.6 billion yuan in the same period last year, a 98% year-on-year decrease.
In addition, shareholder Qiwen Nwei intends to reduce its holdings, which is also one of the reasons why Jinshan Office’s share price has fallen.
Kingsoft was founded in 1988 and has four subsidiaries, Cheetah Mobile, Kingsoft Office, Xishanju, and Kingsoft Cloud. Its product line covers many fields such as desktop office, information security, utility tools, games and entertainment, and industry applications. Lei Jun is currently the chairman of Kingsoft Software.
Editor in charge: Li Bing #
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