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China Mobile Buying Intelligent Voice Software Provider Shares

Anhui-based iFlytek reportedly plans to sell its shares to China Mobile and four other buyers at the price of CNY19.4 per share to supplement its working capital.

On the completion of the deal, China Mobile will become the second largest shareholder of the intelligent voice software company with a 15% stake.

iFlytek plans to gain about CNY1.753 billion via this private placement plan. However, China Mobile will not participate in the daily operation or management. This is reportedly the first time for China Mobile to invest such a large amount in an A-share listed company.

Li Yue, president for China Mobile, once said that the company believed the most convenient communication technology for current users is voice. The investment in iFlytek aims to fully promote the establishment of a voice portal.