October 28 -- UFIDA Software’s (600588) share price dropped to its intraday minimum just after market opening today and closed down 9.96 percent at 20.26 yuan after 300 million yuan worth of its shares were sold yesterday, reports the Changjiang Times. Market observers say the sell-off might have been a reaction to disappointing third-quarter earnings.

The top five sellers yesterday were institutional investors.

UFIDA is China’s largest management software supplier. Bank of China International was quoted as saying the company has 1.2 million customers at present and great potential in the cloud computing industry. However, Xiangcai Securities said the company may be affected by falling IT investment in small businesses due to a weak economy and higher labor costs.