(Yicai Global) Jan. 6 -- The ban levied by the US government yesterday against Kingsoft Office Software’s Writer, Presentation and Spreadsheets office suite will not have a substantial impact on the firm in the short term, the Chinese software developer told Yicai Global today.
Most of the 130 million overseas users of the Beijing-based company’s WPS products are non-fee paying and it only has a small amount of advertising business there, Kingsoft said. The firm will continue to review the possible consequences of the executive order and will issue further announcements in due course.
Eight Chinese software applications were the target of the Trump administration’s latest sanctions against Chinese companies over national security concerns. US businesses and individuals will in 45-days’ time be blocked from making transactions with Ant’s mobile payment app Alipay, Tencent Holding’s digital wallets WeChat Pay and QQ Wallet, its social messaging platform QQ, as well as image scanner CamScanner, cross-platform video, music and file sharing app SHAREit, multimedia app VMate and WPS Office.
Kingsoft has been developing its own office software technology code independently for more than 30 years and does not depend on external open source platforms or need authorization from US companies, the company said. WPS Office is one of China’s most popular office suites.
688111 Dividends. Get information about Beijing Kingsoft Office dividends and ex-dividend dates. You can find more details by going to one of the sections under this page such as ex-date, dividend. Beijing Kingsoft Office Software Inc. Balance sheet, income statement, cash flow, earnings & estimates, ratio and margins. View 688111.CN financial statements in full. Kingsoft operates four subsidiaries: Seasun for video game development, Cheetah Mobile for mobile internet apps, Kingsoft Cloud for cloud storage platforms, and WPS for office software, including WPS Office. It also produced security software as Kingsoft Security. The company is listed on the Hong Kong stock market.
Kingsoft has been developing its own office software technology code independently for more than 30 years and does not depend on external open source platforms or need authorization from US companies, the company said.
WPS Office is one of China’s most popular office suites. It is used by two thirds of government offices and counts the country’s five major state-owned commercial banks and 11 of China’s 12 joint-stock commercial banks as clients. There were over 300 million monthly active users of Kingsoft products at the end of 2019.
The Beijing-based firm’s net profit almost tripled in the first three quarters last year from the same period last year to CNY595 million (USD92.2 million). Revenue was up 44.25 percent to CNY1.5 billion (USD232 million).
Kingsoft’s stock price [SHA:688111] sank 2.34 percent today to close at CNY397.96 (USD61.65).
Editor: Kim Taylor
Online office and education tools are gaining strong momentum in China, as people stay at home to engage in remote work and online education amid the novel coronavirus outbreak.
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Beijing Kingsoft Office Software Inc said the monthly active users of its office tool Kingsoft Docs has exceeded 239 million as of March 2.
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Amid the epidemic, nearly 240 million users are using the online document tool to undertake office work. And about 60,000 students in Wuhan, capital of Hubei province and the epicenter of the outbreak, are using the cloud-powered tool to study at home.
Zhang Qingyuan, chief operating officer of Kingsoft Office, said the epidemic has helped people recognize the importance of cooperation. The online collaborative office model allows multiple people to edit a document at the same time. It helps people deal with the sudden burst of information and enable them to quickly collect and share information, making it a highly efficient way for multiple people to work from home.
Kingsoft Office successfully listed on the technology-focused STAR Market of the Shanghai Stock Exchange on Nov 18, 2019, 31 years after its founding.