VCs to take Kingsoft across borders, platforms
Hong Kong-listed software developer Kingsoft is not in desperate need of capital. It posted a net profit of RMB466.4 million ($76.6 million) in 2012, up 39% year-on-year, and its cash reserves stood at RMB2.4 billion for the year. Furthermore, in July of this year, the company successfully tapped the debt markets, raising HK$1.4 billion ($180.5 million) through a convertible bond issue.
Inviting three external venture capital investors to provide $50 million in funding to Kingsoft Office Software, the company's enterprise software subsidiary, was therefore about more than just money....
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