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The company will work with local authorities and other partners to improve bike-sharing user experience and expand the service to other cities.

The company was allowed to pay value-added tax on imported equipment in installments. It also enjoyed VAT rebate. All this saved about 200 million yuan in costs.

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]

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The company will sell nearly 2 billion shares in this IPO, 80 percent of which will go to Japanese retail investors with a 5 percent dividend, the highest in Japan.

The company is also teaming up with another institute which has been working on the coronavirus for over 10 years to develop a new small molecule specific drug for COVID-19. The first phase of the cooperation is in process.

The company's long-term business plan and commitment to China is unchanged, Richards told the China Development Forum.

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The company in 2018 unveiled its new tag line: Soul of the City, to signal its commitment to be part of the transformation of cities through preserving cultural and historical heritage and yesteryear's structures while contributing to new sustainable development, said Huang.

The company's Ping An Cloud platform has been serving Ping An Group's internal subsidiaries across five ecosystems - finance, healthcare, smart cities, real estate and automobiles - since its launch in 2013.

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The company plans to hold 51 percent of the new firm's stakes and has submitted application materials to China's top securities watchdog, according to Gao Li, spokesperson with the China Securities Regulatory Commission (CSRC).

The company said its enthusiasm for the sector is being shored up by increasing demand for quality healthcare driven by China's growing middle-income earners, continuing urbanization and healthy economic expansion.