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The company will continue to promote the construction of the Tencent (Wuhan) Digital Industry Headquarters in the city, where it aims to embark on digital governance and smart city initiatives.

The company intends to phase out co-branding in the next few years. Tong said, "Many customers want to cooperate with us on OEM basis and we don't agree on that."

The company spent 100 million yuan (.82 million) last month in a cab fare compensation scheme and plans to match that this month.

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The company's sales network covers 14 countries and regions and it plans to establish subsidiaries in Hong Kong and the United States by the end of this year, Feng said.

The company lost 292 million and 525 million yuan in 2016 and 2017, respectively, while 2018's 3.95 billion operating loss is eight times that of 2017.

The company’s traditional retail rivals, including Walmart, Best Buy and Target, are spending big on their own e-commerce and shipping initiatives in an effort to keep up with the e-commerce juggernaut.

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The company said on Thursday it has submitted an application to the Monetary Authority of Singapore for a wholesale license, which would allow it to serve corporate clients.

The company's third generation mobile application, which was launched in May, currently has online oil storage services, and allows oil charges offline, according to Li.

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The completion of the project marked the availability of safe tap water for all households in Xinjiang.

The company said net income increased to .34 billion, or .76 a share, compared with earnings of .05 billion, or .31 a share for the same period a year ago. Wall street analysts expected the company to earn .32 a share.