Sina Tech, 2/02/09
Chinese application and entertainment software developer Kingsoft (3888.HK) has confirmed it plans to split the company's business units into three separate subsidiaries covering online games, office software and anti-virus/security software. The restructuring will also see the creation of a parent group which will retain Kingsoft's PowerWord dictionary software and its overseas business units. Kingsoft chairman and CEO KAU Pak Kwan will serve as chairman and CEO for the new group, which will continue to use the Kingsoft brand.
Zou Tao, Kingsoft's existing senior vice president of online games, will serve as the CEO of the new gaming subsidiary. Current senior vice president of applications software, Ge Ke, will serve as the CEO of both the office application subsidiary, and the anti-virus/security software subsidiary.
Editor's Note: A source at Kingsoft has revealed that Kingsoft's new independent application software subsidiary may receive government funding of RMB 100 mln and be run as a joint venture between Kingsoft and the government.