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The company is planning to set up more R&D centers in Austria, Germany and Singapore in the near future, aiming to tailor-make its products as per local needs. That's part of its larger goal to make them globally competitive.

The completion of the development of digital villages by the middle of this century will advance rural revitalization.

The company set a goal to sell 350,000 vehicles in 2020 and 430,000 vehicles in 2023. The number is expected to hit 500,000 in 2025.

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The company's first-quarter revenue increased 9 percent year-on-year to 7.6 billion yuan (.1 billion). The report also noted iQiyi's net loss expanded to 2.9 billion yuan from 1.8 billion yuan during the same period in 2019.

The company raked in 20.7 billion yuan in the first three months of this year, with a net profit of 1.2 billion yuan, according to its Q1 financial report released on the same day.

The company's overseas revenue now accounts for around 20 percent of its total revenue, noted Nan, who is also a member of the 13th National Committee of the Chinese People's Political Consultative Conference. "It will rise to 30 percent to 40 percent in the near future," he added.

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The company, trading under the ticker symbol of "WEI," announced its initial public offering (IPO) of 4,500,000 American depositary shares (ADSs), each representing one Class A ordinary share, at a price to the public of per ADS for a total offering size of approximately million.

The company noted the peak of train transport is expected to be registered on Oct 1 -- the first day of the National Day holiday, with 13 million passenger trips. The figure will hit a record high for daily railway passenger trips after the outbreak.

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The company said the new 88 internet brand will mainly focus on offering internet products such as email services, a knowledge platform, professional networking, recruitment products and business information products. It will seek to provide individual users with solutions that foster efficient communication and better social connections.

The company's slogan is "Producing the best Android flagship smartphones". It has spread widely since the company's launch five years ago.