Voice Tech Firm iFlytek to Fund Projects With USD567 Million Private Placement

Voice Tech Firm iFlytek to Fund Projects With USD567 Million Private Placement

Liao Shumin

Date: Tue, 05/15/2018 - 15:18 / source:Yicai
Voice Tech Firm iFlytek to Fund Projects With USD567 Million Private Placement
Voice Tech Firm iFlytek to Fund Projects With USD567 Million Private Placement

(Yicai Global) May 15 -- iFlytek Co., China's biggest voice recognition company, will raise up to CNY3.6 billion (USD567 million) through a private placement as part of efforts to boost the firm’s product offering.

The placement will consist of no more than 108 million shares, the Hefei-based firm said in a statement, adding that the funds will also be used to aid the development of technology related to intelligent service robots and an artificial intelligence open platform.

Shares in iFlytek [SHE:002230] closed at CNY38.39 per share on May 14, up 4.12 percent, following the news. They were down 0.65 percent at CNY38.15 in today’s trading.

Founded in 1999, iFlytek is a leading firm in China’s software industry, and it specializes in intelligent voice and language technology, AI technology research, and software and chip product development. It offers products including the Lingxi Voice Assistant and iFlytek Input Method.

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Keywords: MSCI, private placement