Kingdee set to ramp up efforts in cloud services

Chinese business software specialist Kingdee International Software Group is ramping up efforts to develop cloud services despite losses and intense competition as it strives to grasp the opportunities brought about by the digitalization of Chinese enterprises.

The Hong Kong-listed company said revenue from its cloud services business accounted for 37 percent of the company's total in the first half of 2019, up from 27.8 percent over the same period a year ago. It aims to further increase the percentage to 60 percent by the end of 2020.

"China is going through a transformative period from consumer internet to industrial internet. There is robust demand for digital transformation among Chinese enterprises. We are playing an increasingly important role in the process," Kingdee Chairman Xu Shaochun said at the news conference accompanying its 2019 interim results announcement on Wednesday.