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State aid helps China tech leaders shrug off US sanctions

Blacklisted iFlytek's subsidy income exceeds its net profit

A number of Chinese tech powerhouses had strong earnings in the first half of 2020 despite sanctions aimed at limiting their access to U.S. technology and markets. (Source photos by AP and Reuters) 

HONG KONG -- While many mainland Chinese companies recorded net losses or substantial profit declines in the first half of 2020, mainly due to the coronavirus pandemic, some of China's tech powerhouses proved immune to trouble.

One company that bucked the trend was iFlytek. The artificial intelligence-based voice recognition technology developer reported a net profit of 258.18 million yuan ($37.7 million), a 36% rise, year-on-year.

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