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The company will continue its investment in AI chips. Zhu said the reason why they had a layout in the chip sector lies in the surging demand for computing power.

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.

The competitions in Korla from July 29 to Aug 11 are open to the public.

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The company reported a larger-than-anticipated loss when it reported fourth-quarter results on Tuesday, although the interest from prospective customers in the company's future space flights continued to climb. The quarterly results showed a net loss of million.

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

The company raked in 20.7 billion yuan in the first three months of this year, with a net profit of 1.2 billion yuan, according to its Q1 financial report released on the same day.

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The company said it is making "good progress" as well on developing a cobalt-free lithium-ion battery - a goal of battery producers aiming to eliminate the pricey and increasingly scarce mineral.

The company's sound performance came amid the country's booming tourism sector, whose revenue rose by 10.5 percent year-on-year to 5.97 trillion yuan in 2018.

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The company said it has produced about 82 million sensors for advanced driver assistance systems over the past few years.

The company shut an assembly plant in Missouri last year as sales in the US slumped. But its overseas plans angered Trump, who went so far as to encourage customers to boycott the company last year.