Out of the lab into the market, an information technology company that began as an experiment at China’s University of Science and Technology is now worth nearly RMB 80 billion. With Iflytek playing the leading role, the efforts of enterprise, universities and research institutes were combined to build core competency in AI technological innovation and explore ways to industrialize this knowhow. How should investors weigh up iFLYTEK’s business structure, model, status and industry chain in voice recognition software? What are the company’s growth prospects and strategic challenges in moving from voice recognition to broader application AI?