iFlytek Denies Claims of Shaky Operations, Mass Job Cuts
Dou Shicong
/SOURCE : yicai
iFlytek Denies Claims of Shaky Operations, Mass Job Cuts

(Yicai Global) Jan. 31 -- Top Chinese smart voice technology company iFlytek has been beset by rumors of unsound operations, which pushed a slide in the company's stock yesterday, but its shares bounced back this morning after the firm rebuffed these claims.

Its shares [SHE:002230] fell 8.81 percent to close at CNY26.4 (USD3.9) yesterday. The company released a clarifying statement that the net value of its operating cash flows last year hit about CNY1 billion (USD149 million) in a historic high.

The statement lifted its shares 4.17% to CNY27.50 (USD4.108) in this morning's trading.

It also refuted rumors of losses of more than CNY1 billion in its goodwill as at odds with the company's actual conditions.

iFlytek, based in Hefei in China's eastern Anhui province, did adjust its personnel per its annual key performance indicators this month, but this affected less than five percent of workers, per the statement.

The ranks of its employees will remain stable and even undergo a slight rise this year, the company predicts.

Many mainland-listed companies reported large losses yesterday, driving a 0.72 percent decline in the Shanghai Stock Exchange Composite Index.

Editor: Ben Armour

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Keywords: iFlytek