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The company's European expansion comes at a time when many other Chinese telecommunications companies are also expanding into the United Kingdom.

The company said the fast spreading novel coronavirus pandemic has hampered the production of major overseas wineries, and the imported wine business in China has suffered a setback. International shipping and logistics companies also suffered severely. They have constantly lowered their frequencies of voyages and raised transportation costs.

The company is divided in three main business units: pharmaceuticals, medical devices and consumer products. Its worldwide pharmaceutical sales reached .7 billion for the full-year 2018, representing an increase of 12.4 percent.

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The company will also further strengthen cooperation with other domestic enterprises to jointly promote the construction of metallurgical engineering projects, he said.

The company is set to play a leading role in technological innovation in the fuel cell vehicle sector in China, he said.

The company’s underwriters include a who’s who list: Credit Suisse, Deutsche Bank, Goldman Sachs, J.P. Morgan, Morgan Stanley and Citi.

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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.

The company is planning a trial project of a three-day free lease of an internal combustion engine car if Taycan owners embark on long-distance trips.

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The company pledged 10 billion yuan (.51 billion) in December 2017 to combat poverty in China over the next five years.

The company said it had followed regulations in advertising, but some distributors and retailers had violated regulations. The advertising was stopped in December on orders from the drug supervision authority in Inner Mongolia.