On May 26, Kingdee International fell 5.52% in regular trading, trading at HKD 7.42/share, with trading volume of HKD 102 million. The stock hit a new year-to-date low as passive fund selling pressure intensified ahead of its confirmed removal from the Hang Seng Tech Index.

The Hang Seng Index Company officially announced quarterly review results on May 22, confirming that Kingdee International and Kingsoft will be removed from the Hang Seng Tech Index, while MINIMAX-W and Zhipu will be added. All changes will take effect after market close on June 5 and become operative on June 8. With approximately RMB 170 billion in mainland onshore fund assets tracking the index, the confirmed removal has triggered accelerated position unwinding by passive funds ahead of the effective date.

Kingdee International reported FY2025 revenue of approximately RMB 7.01 billion, up 12.0% year-over-year, with cloud services revenue reaching RMB 5.78 billion. Despite achieving profitability turnaround, its stock has declined over 40% year-to-date amid the broader shift in capital allocation from traditional software toward AI-native enterprises.

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