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China Mobile To Become Largest Shareholder Of Anhui USTC IFlytek

Apr. 24, 2013 5:23 AM ETCHL, CHLKF
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Prepared by ChinaScope Financial | Source:Company Disclosure

  • Anhui USTC iFlytek Co., Ltd. (002230: SHE) announced yesterday that it plans to raise approximately CNY 1.75 billion through a private placement of 90.4 million shares at a price of CNY 19.4 per share. Proceeds will be used to replenish the company's working capital.
  • Upon completion of the private placement, China Mobile Ltd. (00941: HKG; CHL: NYSE) will become the largest shareholder of the company by owning a 15 percent stake.
  • The financial report of Anhui USTC iFlytek Co., Ltd. shows that company revenue for 2012 increased 40.7 percent year-on-year (YoY) to CNY 784 million. Net profit attributable to common shareholders for 2012 was CNY 182 million, an increase of 37.5 percent on 2011.
  • Anhui USTC iFlytek Co., Ltd. is a software company that specializes in the research of intelligent voice and language technology, the development of software and chip products, and the provision of voice information services, among others.

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