Chinese AI giant iFlytek Co. Ltd. is reallocating 2.4 billion yuan
($337 million) from a planned fundraiser to rent domestic AI computing
power, a strategic shift that deepens its reliance on homegrown
technology amid U.S. sanctions.
The company announced the change to its private placement plan in a
filing on Sept. 29. The funds were originally earmarked for
supplementing working capital. The total amount to be raised remains
unchanged at 4 billion yuan, with 800 million yuan still set aside for
developing its large language model (LLM) for education and another 800
million yuan for working capital.
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