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The company will hold a grand livestreaming event on Thursday to showcase its latest technologies and products to international buyers.

The company's earnings in China are partly driven by the stronger spending power of local consumers. Consumption power in lower-tier cities, in particular, has been revving up, according to Koay.

The company, which also owns the Bloomingdale's and Bluemercury chains, operates about 775 stores nationwide.

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The comprehensive strategic partnership of coordination for a new era between Russia and China will not only bring benefit to people of both countries, but also contribute to safeguarding global stability and multilateralism, a senior diplomat said.

The company is a well-known local enterprise processing imported seafood and selling frozen seafood gift packages produced both at home and abroad.

The company was responsible for the accident because of its inadequate investment in safety and weak safety management, the notice said. Local governments and some departments were also responsible for the lack of safety supervision.

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The company said in an online statement Monday that it has established a team to investgate the matter.

The company is also stepping up efforts to gain more overseas users, said its chairman Cai Wensheng, adding the expansion will entail opening new offices, possibly in Europe, and offering localized versions of its products.

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The company's first quarter sales in 2020 plunged 55.7 percent year-on-year to about 679,000 units, worse than the country's 42.4 percent decrease in car sales, data from the China Association of Automobile Manufacturers showed.

The company, which used to produce bicycle parts for major domestic manufacturers, now supplies precision car parts.