Over 45 Chinese tech companies have announced their intentions to refinance, showing that already listed companies are seeking ways to raise additional capital in order to drive innovation.

Qihoo 360 (三六零) and iFlytek (头科大讯飞) announced plans (in Chinese) to raise RMB 10.8 billion and RMB 3.6 billion respectively. The funds will be used for developing artificial intelligence technologies.

Over 90 companies have issued plans to refinance since the beginning of the year,  half of which are tech companies. Both the number of companies and the scale of the financing have seen rapid year-on-year growth.

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Chris Udemans

Christopher Udemans is a Shanghai-based data and graphics reporter. He covers Chinese artificial intelligence, mobility, and cybersecurity. You can contact him at chrisudemans [at] technode [dot] com.