Market Chatter: China's Government Shifts to Kingsoft Office Software's WPS Software for Policy Announcement; Shares Up 8%

MT Newswires Live10-13

The Chinese government used Beijing Kingsoft Office Software's (SHA:688111) WPS software for a policy announcement last week, signifying the country's potential to be self-reliant when it comes to technology, Bloomberg News reported on Monday.

The Ministry of Commerce used the WPS software in announcing export controls on rare earth items on Oct. 9, instead of PDF or Microsoft Word.

Chanson & Co.'s director, Shen Meng, said the US restrictions paved the way for more local alternatives for software, with the move potentially making WPS a designated format for government communications, the report said.

The Chinese software developer's shares soared 8% during the afternoon trade.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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