China embraces local software over Microsoft: Kingsoft's stock soars
China's Ministry of Commerce switched to using Kingsoft's WPS Office for a major policy announcement, moving away from Microsoft Word and PDFs.
The first sign came on October 9, 2024, when the Ministry of Commerce used WPS format for a big announcement about rare-earth export controls.
It's a clear move toward tech self-reliance—and it's shaking up the local software scene.
Kingsoft's stock jumps as WPS takes center stage
After the switch, Kingsoft's stock jumped up to 18% in Shanghai and nearly 19% in Hong Kong by October 13, 2024, making it one of the hottest stocks around.
Other Chinese software companies also got a boost.
For young professionals and students watching global tech trends, this is a real-life example of how governments can shape which apps everyone ends up using—and why homegrown tech is suddenly getting so much attention.