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The company said in its listing prospectus that it would use the IPO proceeds to develop cutting-edge chip manufacturing process, supplement working capital and bankroll the research and development of advanced technologies.

The company was ordered to suspend production, and senior executives face serious criminal penalties. The company was ordered to pay fines of 9.1 billion yuan (.3 billion) for violations involving the fabrication of production records and using expired materials in its rabies vaccine.

The company which used to make high-end lidar products for drones, robots and railway systems, has developed a product that can be installed on trash cans.

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The company's General Manager Wu Xiaodong said it had focused on Southeast Asia in the past decade, with the expo being its first step into the Russian market.

The company’s?unusual announcement comes amid heightened scrutiny of U.S. corporate giants and domestic job growth and retention. President-elect Donald Trump made headlines for helping to convince?manufacturer Carrier to keep just about 1,000 jobs in the country.?Trump?also took credit for wireless carrier Sprint, owned by Softbank,?creating or preserving?5,000 jobs.

The company said the move is in response to the new guideline Chinese authorities released last month to implement the Healthy China Initiative.

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The complex international environment is the main characteristic of the new era, as the world is fragmented by diverse problems and challenges, he said.

The company said in a statement: "As the world grapples with COVID-19, Huawei's global supply chain is being put under intense pressure and its production and operations face significant challenges. The company continues to do its best to find solutions, survive and forge forward, and fulfill its obligations to customers and suppliers."

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The company said it used technologies such as face recognition, 3D simulation and machine learning, and relied on professional aesthetic knowledge and the huge data of app users' photos and cosmetic surgery pictures the company had accumulated, to develop the new system.

The company is already aiming to outperform domestic counterparts in five years, he said.