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The company said earlier that it had found a conglomerate oilfield with an estimated one-billion-ton of reserves in the Junggar Basin in the Xinjiang Uygur autonomous region, with proven reserves of 520 million tons, part of its efforts to step up domestic exploration and development.

The company is also selling starter kits?from Broadcom, Intel, Mediatek, Qualcomm, Texas Instruments and others, with the AWS IoT SDK built in. Developers can use the starter kits to build and test IoT devices that are powered by the AWS cloud.

The company will increase investment in projects such as seawater desalination, biofuels, elderly care, quality control and management systems as well as energy efficiency and environmental protection, the chairman said.

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The company said the structural changes and new leadership would facilitate its "In China, For China" strategy.

The company was founded in 1999 by a group of researchers from the University of Science and Technology of China. iFlytek is the Chinese counterpart of the US firm Nuance Communications Inc and Siri, the virtual voice assistant developed by Apple Inc.

The company, which has obtained frequency bands in the range from 2,515 to 2,675 megahertz and 4,800 to 4,900 MHz to build network, said it will work hard to quicken the maturity of end-to-end products and services.

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The company, which is also planning a public offering in the Hong Kong bourse, said innovation and technology-related investments are areas that "hold the key to success and serve as the foundation for an inclusive ecosystem".

The company said it will concentrate on artificial intelligence, 8K and 5G technologies to create more opportunities this year and will increase its investment in research and development.

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The company recently got authorization from Volkswagen Deutschland for the move, said Fu Xuejun, the Xinjiang company's general manager.

The company's operating revenue sank 52.41 percent year on year to 804 million yuan (4.8 million) in H1, while net profits attributable to shareholders plunged 69.64 percent to 103 million yuan, according to a statement filed by the firm with the Shanghai Stock Exchange.