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The company's net profit expanded by 21.35 percent year on year to 3.76 billion yuan during the same period.

The company plans to issue up to 1.97 billion A-shares, which will account for 10 percent of its total shares after the issue, at a price yet to be determined, the preliminary prospectus showed. There will be no transfer of old shares at the IPO.

The company helped to build the first liquefied natural gas station in China in 2004, and now provides 36 percent of Guangdong province's natural gas, with business in all energy sectors expanding, she said.

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The company's stock traded over the counter.

The company will also support Sanya in cultivating international talent in finance and taxation, according to Deloitte China.

The company launched last year and raised million?from Two Sigma Ventures, Ben Franklin Technology Partners, and WestRiver Group, the firm led by TopGolf Entertainment Group Co-Chairman Erik Anderson.

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The company, backed by internet giant Tencent Holdings, inked the deal with Royal Strategic Partners, a unit of Abu Dhabi Capital Group. ADCG is a large-scale investment company which manages assets of billion.

The company's export orders are likely to be slashed by 90 percent in the first half of 2020, and no signs of new orders for the second quarter have prompted Li to take some belt-tightening measures.

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The company said the distribution deal would make China one of Loch Lomond Group's key export markets. COFCO has an extensive network of 700 retail outlets and more than 1,000 sub-distributors.

The company's massive expansion plan, which could see its annual output rise almost twentyfold, is underpinned by solid demand from the domestic market.