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The company's growth strategy for the near future will focus on smartphones as well as AI and IoT technologies and applications, said Lei Jun, Xiaomi founder and president.

The company, located in Northwest China's Ningxia Hui autonomous region, is a pioneer in technology cooperation with Arab countries.

The company’s second-quarter results will be released on July 23.?For 2015, Sheridan increased?his estimates to 5.2 billion in revenue, and .3 billion in adjusted operating profit from 2.7 billion and .6 billion, previously.

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The company plans to build up a 40-plane Amazon Prime Air fleet to supplement cargo transport services provided by the likes of UPS and FedEx.

The company said its success stories in the country are based on its understanding that a company cannot achieve sustainable development in overseas markets if it does not aspire for extensive and long-term localization.

The company was founded in 2013 by local businessman Li Hong, who used to act as a middleman in foreign trade. He realized that as the standard of spoken English among Chinese people improved, his profit margins were shrinking.

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The company said it will supply the McDonald’s fast food chain and other companies in Britain that want to ditch plastic straws because of environmental concerns.

The company's net profits attributable to shareholders hit 971 million yuan (1 million) in H1, up 12.55 percent year-on-year, according to its semi-annual report filed with the Shanghai Stock Exchange.

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The company's draft prospectus shows that it realized an annual turnover of 272.8 billion yuan, 272.7 billion yuan and 354.5 billion yuan in 2015, 2016 and 2017 respectively. The company's net profit came in at 14.35 billion yuan, 14.37 billion yuan and 15.87 billion yuan respectively. The company's net profit growth rate stood at 5.26 percent, 5.27 percent and 4.48 percent for the three respective years.

The company will focus on expanding layout in first-tier and new first-tier cities, improving business coverage in core districts and lifting overall business volume in the second half of 2018, Wang said. "MyDreamPlus has seen rapid growth in the first half of 2018," he said. "We received a contract area of 150,000 square meters in May 2018, equal to three times the company's total operating area before 2018."