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The company's 19 production bases have resumed operation in early February, including its facility in Wuhan. By the end of last year, its China business accounted for one third of Corning's global sales revenue, making the country the largest overseas market for the firm outside the United States.

The company highlighted China's role in its business expansion for now and in the future.

The company previously led a 0 million investment round in electric car company Rivian.

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The company, which has been operating in China for 18 years, has experienced significant growth over the past few years. In 2017, its year-on-year sales revenue is expected to achieve double digit growth, one of the best in its history in China, according to Guenter Strauss, executive director Schueco Greater China.

The company's move is aligned with the call from State-owned Assets Supervision and Administration Commission of the State Council to ensure stable production and operations to back the country's economic development while preventing the virus from spreading further.

The company said 5G is one of its core businesses and it has pursued innovation in 5G technology research. [Photo/IC]

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The company since last year has been suffering from regulatory hurdles and public backlashes after several safety incidents, which have also led to tightening regulations in China.

The company, trading under the ticker symbol of "XYF", announced its initial public offering of 11,000,000 American depositary shares (ADSs), each representing two Class A ordinary shares, at a price to the public of .5 per ADS for a total offering size of approximately 104.5 million dollars, assuming the underwriters do not exercise their option to purchase additional ADSs.

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The company said the attack that exploited this vulnerability was discovered on Sept 24, but was fixed within two days to secure the accounts of millions of its users.

The company's CEO and managers of the branches were also fined 10,000 yuan each.