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The company expected net profit to reach 169 million yuan to 253 million yuan in the first three-quarters of 2018 thanks to the continued development of the AI industry.

The company attempted to list on Hong Kong Exchanges and Clearing Ltd as early as 2013, but had to abandon the plan and pursued an IPO in New York due to the inconsistency of the company's dual-class corporate structure and HKEX's rules at the time.

The combined profits of China's central SOEs saw a year-on-year increase of 13.1 percent to 426.5 billion yuan (.6 billion) in the first three months, according to the State-owned Assets Supervision and Administration Commission.

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The company generates most of its revenues from application development services, which represented 89.5 percent and 90.4 percent of its total revenue in fiscal years 2017 and 2016, respectively, said the company.

The company also announced on Monday that it is partnering with Huawei and China Mobile on the world's first 5G-based smart transportation program, which will open in Shanghai next year.

The combined revenue of China's e-commerce, online travel, and digital media consumption in 2018 is estimated to reach 5 billion, ahead of the projected 8 billion in the United States and 4 billion in Europe, Yuen said.

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The company also hired Christopher Handman to serve as its General Counsel, as first reported by Re/code. Handman comes to the mobile app company from the Hogan Lovells, where he lead the firm’s appellate practice. At the firm, he worked alongside John G. Roberts, who was appointed to be the Chief Justice of the U.S. Supreme Court in 2005.

The collapse happened at about 6:10 pm on Thursday along National Highway 312. Photos and videos from the site show that the overpass overturned on one side and collapsed.

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The company announced Digital China has become its latest general distributor in China. And the two firms will work together to offer enterprise customers more simplified and convenient cloud management services and applications.

The company competes with more than 70 foreign manufacturers of baby formula in the Chinese infant formula market, which supply more than 1000 imported brands to the public. Feihe Dairy also competes with 108 domestic producers of the product, developing more than 2000 brands.