The company is also the exclusive provider of pure iron for electronic components and relays for Chinese spacecraft that must function in a vacuum.
The company suffered losses of .4 billion in the fourth quarter of 2018, largely driven by the plunge in paper value of several of its stock investments, revealed its annual report released Saturday.
The company said it would raise 61.73 billion yuan in a private placement. Moreover, it plans to transfer 12.98 billion yuan of shares to a fund and issue 3.21 billion yuan worth of shares to core employees.
The company will stop engaging in property development and will turn to solely focusing on commercial management. The relevant parties will strive to take the company public as soon as possible, the statement said.
The company’s new service, Amazon Music Unlimited, added several Garth Brooks albums to its catalog, marking the first time the country star has offered his music on a streaming platform.
The company sold 105,218 units last month, up about 15 percent year on year. Of the total, 6,401 units were new-energy vehicles.
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The company invested about .5 million to construct a bio-fishway on the right bank of the Sesan River to limit the impact on the surrounding environment.
The company reported a larger-than-anticipated loss when it reported fourth-quarter results on Tuesday, although the interest from prospective customers in the company's future space flights continued to climb. The quarterly results showed a net loss of million.
The company said the product structure of white spirits has changed with top-end liquors becoming popular. In the first quarter, liquors priced more than 300 yuan net-ted 707 million yuan, up 68 percent year-on-year, accounting for nearly half of the company's total revenue.
The company said since 2015, its core team members had successfully delivered over 100 digital transformation projects across eight industries, helping clients generate several billions of yuan in revenue.