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USTC iFlytek to Raise RMB 445 Mln in Private Placement

Beijing Times, 5/09/11

Chinese software firm Anhui USTC iFlytek (002230.SZ) yesterday announced that the company plans to raise RMB 445 mln in a private placement of 10,953,800 additional class A shares at a price of RMB 40.65 per share on the Shenzhen Stock Exchange's ChiNext growth enterprise board on May 10.

The funds will be used for research and development of language teaching products and WVAS-oriented voice recognition products, such as mobile "humming" search services.

Keywords: financing mobile search wireless software WVAS iFlytek Shenzhen Stock Exchange 002230.SZ ChiNext voice recognition R&D wireless

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