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The company' growth has also been buoyed by the growing demand for high-quality and diversified dairy products from Chinese consumers. High-end UHT milk and high-end ambient yogurt have maintained annual growth rates of more than 20 percent for several years. Online adult milk powder and dairy foods sales have also shown an average annual growth of more than 50 percent, according to data from Fonterra.

The company said it allows employees to work from home and seeks to negotiate with clients.

The company is willing to form industrial alliances with Chinese SOEs and private companies to improve its strength abroad and minimize operational risks, Zhou said.

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The company started deliveries of the Model Y in March, promising a much-awaited crossover that will face competition from European carmakers like Volkswagen AG rolling out their own electric rivals.

The company plans to open new on-site premises or renovate existing ones to have 100 such canteens in China by the end of this year.

The company's latest move is expected to attract air travelers from home and abroad, a high-end group of consumers that have met Starbucks Reserve Store's range and market positions, said Zhu Danpeng, an independent food and beverage analyst.

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The competition is open to startups that have less than million in revenue and have raised less than million in venture capital. The application deadline is October 2.

The company plans to offer 7 million American Depositary Shares at a price range of to , according to its latest prospectus filed with the US Securities and Exchange Commission.

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The company secured an extension until 2020 from a former vice-chairman of Guangzhou Pharmaceutical, Li Yimin, who was later convicted of taking bribes from JDB.

The company's 2017 annual report said it earned profits of 566 million yuan, up 33.3 per-cent year-on-year. It spent 583 million yuan for sales expenses - representing 60 percent of its total expenses. Of that, 442 million yuan was spent on promotion, the report said.