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The company will receive more than billion in tax credits and other incentives. New York is forking over more than .5 billion, while Virginia and Arlington are offering about a third of that-3 million. The hope is that Amazon will attract other companies and ultimately boost the local economies. But while many see it as an opportunity, not everyone is sold on the idea.

The company will join hands with content providers such as internet giant Tencent's online video service platform v.qq.com, video-streaming site iQiyi.com, online news aggregator Toutiao and the country's largest online travel agency Ctrip.

The company's net cash provided by operating activities in the quarter was 5 million, compared to 6 million in the same period last year.

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The company said that 70 percent of the proceeds from the IPO will be used for financing potential strategic acquisitions and establishing new schools in China.

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 projects its net revenue will increase to between 7.21 billion yuan and 7.63 billion yuan in the third quarter, but it said the forecast is subject to "substantial uncertainty".

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The company's success with raising funds at lower costs came as China has adopted a mix of measures to prop up credit support for the real sector of the economy, especially for small and medium-sized firms.

The company now has more than 500 employees, and its young CEO has been impressed by the government's preferential policies for startups, especially the expansion of financing channels for small businesses.

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The company will further explore resource potential by improving its offshore gas transmission pipeline network and optimizing the energy mix to safeguard China's energy security and gas field construction in the area, said CNOOC Chairman Yang Hua.

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