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The company is experimenting with business models ranging from assisting local governments with healthcare administration, to managed care packages, to various insurance products, according to Dong.

The company said it had considered prolonging the Hitch service to passengers of both genders until 11 pm. But it said that during the time it was operating Hitch, it had seen a big increase in passenger complaints after 8 pm, so it decided on the more conservative operating hours for the test period.

The company was fined 8.3 million yuan (.3 million) and its senior executives were banned for life from entering the securities business. Xintai Electric's chairman Wen Deyi later admitted the violation but said it did not warrant delisting.

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The company was allowed to pay value-added tax on imported equipment in installments. It also enjoyed VAT rebate. All this saved about 200 million yuan in costs.

The competition started Monday, before the Qingming Festival, also known as Tomb-Sweeping Day, where worshiping ancestors is a long-standing Chinese tradition.

The company said it regularly invests 6 to 7 percent of its annual sales revenues in R&D. It has worldwide R&D facilities in the Chinese mainland, Europe, Japan, Singapore, and the United States.

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The company overtook Apple in the second and the third quarters of 2018 to become the world's second-largest phone vendor, IDC said.

The company, which is building a social networking service where teenagers and twenty somethings earn points for sharing content or watching videos, landed a massive million venture capital round from venerable Silicon Valley firm Kleiner Perkins Caufield & Byers, former Microsoft CFO Greg Maffei, DAG Ventures and Live Nation. It also bought three companies in 2011, purchasing online video startup Vodpod,?social sharing service AddToAny and Twitter photo service Plixi.

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The company's optimization of manufacturing operation and expenditure reduction during the first six months also helped, it said.

The company manufactures and markets private, commercial and truck cars, as the most relevant products to the Israeli car market are the electric IEV models.