Yang Gang, technical director of Chinese software company Kingsoft (3888.HK), recently disclosed that the division behind the company's online storage service, Kuaipan ("Fastdisk"), is operating independently and will spin off in October.
Kuaipan allows users to synchronize their online storage with their PC and access files through mobile applications for Android and iOS devices.
Kuaipan currently has 5 mln users, according to Yang. Kuaipan, which will remain a subsidiary of Kingsoft after it spins off, has not yet pursued external financing, but will soon develop a plan to obtain funding, and expects the amount of funding to increase once the company settles on a business model. The service's next step, Yang added, will be to expand overseas to the Japanese, European and North American markets, where Kingsoft uses a paid software revenue model for its other products.