AI giant iFlytek to invest HK$400 million in Hong Kong, opens international headquarters

The HK$400 million outlay will support iFlytek’s creation of a 150-member research and development team at Cyberport

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The move by iFlytek to Cyberport bolsters the Hong Kong government’s efforts to establish the city as a tech innovation hub. Photo: Shutterstock

Published: 10:00pm, 19 Jul 2024Updated: 10:46pm, 19 Jul 2024

One of China’s original artificial intelligence (AI) champions, iFlytek, on Friday unveiled a five-year, HK$400 million (US$51.2 million) investment plan in Hong Kong, where the company has opened its international headquarters.

Shenzhen-listed iFlytek, known for its voice-recognition technology, and subsidiary Xunfei Healthcare have moved into their new offices in Cyberport, the Hong Kong government-backed technology hub in the city’s Southern district.

The company said the investment plan will support its creation of a 150-member research and development team, which will focus on the development of large language models (LLMs), as well AI applications in intelligent speech, education and healthcare. LLMs are the technology underpinning generative AI services like ChatGPT.

“Our initial budget is HK$400 million,” iFlytek senior vice-president Duan Dawei told the South China Morning Post at the opening ceremony of the new premises on Friday. “If everything goes well [in Hong Kong], that figure is going to be more.”

Duan Dawei, senior vice-president at iFlyTek, speaks at the opening ceremony of the firm’s international headquarters in Cyberport on Friday. Photo: Handout

With the firm’s new international headquarters, Duan said iFlytek intends to expand the market for its flagship Spark LLM and voice-recognition tools to various enterprises in the city and local consumers.

Founded about 25 years ago in Hefei, capital of eastern Anhui province, iFlytek also plans to collaborate with local companies, such as those in the education and healthcare sectors, in developing computing infrastructure and using its LLM to build custom AI applications, according to Duan.