Baron Funds Comments on Kingdee International Software Group Co. Ltd.

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Nov 03, 2015

Shares of Kingdee International Software Group Co. Ltd. (HKSE:00268, Financial) declined during the third quarter amid significant volatility in the Chinese market. Kingdee is a software vendor to small and medium-sized businesses in China. Following an investment from leading Chinese ecommerce operator JD.com (JD), Kingdee is undergoing a strategic transformation from a direct to an indirect sales model. We think the indirect sales model will allow Kingdee to reach more potential customers more profitably and earn higher returns on its capital over the long run. (Aaron Wasserman)

From Baron Funds' Baron International Growth Fund shareholder letter for third quarter 2015.

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