Chinese AI company iFlytek said its largest shareholder China Mobile plans to offload up to 23.2 million iFlytek shares, or 1% stake, through concentrated bidding or bulk transactions between Aug. 22 and Dec. 31.
China Mobile invested in iFlytek in 2013 when the startup was listed on the Shenzhen Stock Exchange and since then, it has reduced shareholdings several times. So far, China Mobile is iFlytek’s largest shareholder with a 10.7% stake.
IFlytek’s net profit is expected to have narrowed by 71% – 80% year over year to 55 – 80 million yuan in the six months ended June 30. The company returned to a positive development track in the first half following the adverse impact of US government pressure, it said.