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The company's net profit jumped to about 9.3 billion yuan (.3 billion) from 7.1 billion yuan in the same period last year, the company said in its preliminary earnings estimate report filed to the Shenzhen Stock Exchange.

The company's signature bright yellow bikes can be found at both iconic landmarks and tranquil street corners around the city, and are quickly gaining popularity among locals and tourists alike.

The compound annual growth rate of China's medical aesthetics market was 23.6 percent from 2014 to 2018. The market reached 122 billion yuan in 2018 and is expected to triple to 360 billion yuan by 2023, according to research institute Frost & Sullivan.

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The company said it would replace the defective modules free of charge.

The company supplied snowmobiles to the Organizing Committee of the Pyeongchang Olympic Winter Games in February and wants to cooperate with the Organizing Committee of the 2022 Beijing Winter Olympics and Paralympics to offer its products and expertise based on its requirement.

The company said it plans to close about 30 percent of its 846 stores as part of its restructuring. Sales have been hit hard by state-imposed stay-at-home orders intended to curb the spread of the coronavirus.

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

The company is already doing this in many ways, and in recent months has announced additional expansions in places like Boston, Vancouver and Pittsburgh. That would leave a lot of cities wanting, and could be a bitter pill for some to swallow. But, if there’s anything we’ve learned in covering Amazon and Bezos over the years here in Seattle: They are unpredictable and willing to be misunderstood.

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The company is currently revising its retail plans in China as the market is rapidly changing but it will retain a mix of formats including hyper stores, pickup points, experience centers, distribution centers and e-commerce platforms, said Kuliga.

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.