Kingdee International Software Group (HKG:0268) established its regional headquarters in Qatar, Yicai Global reported Wednesday, citing an announcement from the company.
The headquarters aim to expand the Chinese enterprise management software developer's presence in the Middle East and North Africa, the report said, citing the company's chief executive officer, Robert Xu.
The Qatar Investment Authority was one of the facilitators of the headquarters' establishment. The country's sovereign wealth fund invested $200 million in Kingdee in December 2023 after recognizing the company as a key leader in China's enterprise cloud transformation in China, the report said.
Kingdee's shares slumped 7% in recent 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.)
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.