The company is also eyeing opportunities to provide additional services in the region, including supply chain management, freight delivery, and truckload capacity brokerage, with plans to operate in Indonesia and the Philippines in the future.
The company opened its second international store in Shanghai in April following a concept store in Milan where the company's headquarters are based.
The company will establish a joint venture to manufacture MG series cars in cooperation with a leading Egyptian car dealer, the Mansour Automotive Group, after both sides signed off on a partnership to sell such cars in the region last year.
The company said its advertising campaign on WeChat for the launch of the new DK88 bag, which retails for 1,695 pounds, resulted in increased sales.
The competition, launched in July this year, saw more than 4,000 information technology students register at the preliminary stages from 40 universities across the country. Of these, 600 were selected for training after a competitive selection process, after which the top 100 then underwent further coaching at a boot camp session before sitting for the nationwide exams.
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 reported a net profit rise of 9.38 percent, to 79.27 million yuan from January to September, according to a quarterly report filed with the Shanghai Stock Exchange.
The company, which has obtained frequency bands in the range from 2,515 to 2,675 megahertz and 4,800 to 4,900 MHz to build network, said it will work hard to quicken the maturity of end-to-end products and services.
The company logo of the Didi ride hailing app is seen on a car door at the IEEV New Energy Vehicles Exhibition in Beijing, China October 18, 2018. [Photo/Agencies]
The company is working together with the Chinese authorities concerned and participating in the establishment of standards for the 5G-related high-capacity content transmission technology.