Chinese software company Kingsoft on Wednesday filed its IPO paperwork for an initial public offering on China’s news Nasdaq-style equity board.

Microsoft’s China rival plans to raise RMB 2.05 billion (around $300 million), with no fewer than 101 million shares, 21.91% of the total being issued, according to the prospectus.

The capital will be used towards the upgrading its WPS Office software, a free alternative to Microsoft’s Office suite, fundamental research in artificial intelligence, as well as research and development (R&D) of cloud-based office services, said the company.

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Jill Shen

Jill Shen is Shanghai-based technology reporter. She covers Chinese mobility, autonomous vehicles, and electric cars. Connect with her via e-mail: jill.shen@technode.com or Twitter: @yushan_shen