Movement Alert｜KINGSOFT Falls 5.04% in Regular Trading, Fund Investment Loss Forecast Weighs on Sentiment

Market Focus10-22

On October 22, KINGSOFT fell 5.04% in Regular Trading, trading at HK$24.14, with turnover of HK$113 million.

The move appears tied to the company’s earlier disclosure that its investments in Beijing Shunjin Shunying Enterprise Management Partnership and Shenzhen Shunying Private Equity Investment Fund are expected to generate a pre-tax share of losses of RMB1.0 billion to RMB1.2 billion for the three months ended September 30, weighing on near-term sentiment.

KINGSOFT also said it expects a pre-tax share of profit from joint ventures and associates of RMB1.3 billion to RMB1.5 billion for the first nine months, compared with a loss in the prior-year period. Even so, the projected single-quarter fund loss may have overshadowed the year-to-date improvement. The figures were based on a preliminary board assessment and remain subject to review in the unaudited results due by late November.

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