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The company is also ramping up resources to tap into the internet of things market by partnering with a string of companies to build a smart home ecosystem.

The company will set up a joint venture with FAW and build a manufacturing base to produce and assemble Hongqi's S series sports cars, according to a memorandum inked on Thursday via video conferencing.

The company is banking on online paid knowledge services and will increase investments through offering online lessons related to pregnancy, childbirth and parenting to help mothers eradicate anxiety, said Chu Yang, vice-president of Dingxiangyuan and founder of Dingxiang Doctor and Dingxiang Mama.

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The company relies on its proprietary risk management tool called Hawkeye, which generates an assessment within seconds.

The company said the e-buses in its fleet have a range of 200 km for now. However, this range is expected to increase in the near future as the technology used in e-bus batteries is quickly developing.

The company in May 2011 founded a subsidiary in the southeastern European country. To date, its investment has hit .66 million in the country.

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The company said the oilfield will finish drilling 255 horizontal wells by the end of 2019, forming an annual crude oil production capability of 1 million tons.

The company said it believed the partnership with Tianjin University complements Clariant Catalysts' existing cooperation agreements with top educational and research institutions in China. All these will benefit the local Chinese market.

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The company is one of the first batch of Chinese enterprises reaching out to help people in the neighboring country, as South Korea suffers a sharp increase of COVID-19 cases.

The company is willing to work with other Chinese manufacturers in setting technology standards, including 5G standards, as the unification of standards translates innovation into revenue, it said.