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John Wang
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Finance
February 5 22:09

IFlytek shrugs off US sanctions

iFlytek has shared its estimates for 2019’s financial result. The company is planning to report the revenue of somewhere between 732 and 894 million RMB.
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iFlytek has shared its estimates for 2019’s financial result. The company is planning to report the revenue of somewhere between 732 and 894 million RMB.

The company has also stated, that it is showing 35-65% growth despite “complicated” conditions of global economy and international relations. These words most likely refer to the fact, that the iFlytek has been added to the so called Entity list in US. The list includes the Chinese companies, that US government has deemed untrustworthy and too closely connected to the Chinese government. These companies are essentially blacklisted in US markets.
iFlytek reports, that despite the sanctions, the company has managed to keep up its development pace and found alternative solutions. However, the company believes, that the trade war is gradually transforming into tech war. In its post about Lunar New Year, iFlytek has stated, that it is going to focus on innovations and new technologies.