Kingdee survives market selloff to raise $150m

Kingdee International Software beat a three-day selloff in technology stocks to raise $150 million from a convertible bond late on Monday.

Chinese internet companies in particular have taken a beating, with shares in Tencent dropping 4.5% on the week’s first day of trading. Kingsoft, a Hong Kong-listed Chinese software company that issued a convertible bond on Friday, lost 6% on Monday, its fourth consecutive day of losses.

The conditions clearly made it difficult for Kingdee, whose own share price had fallen 10% since April 1, but it was confident that it could get a deal done after sounding out a small group of investors before the...