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The company attributed the expected profit hike mainly to growing sales compared with 2016.

The company has been strategically positioning itself in China and actively looking for partners in the country's downstream sector, as it shifts from an exporter of oil to an integrated player in oil, gas and petrochemicals.

The closure, which was also reported by CNET, is the second such announcement made this week by the Seattle-based retailer. The company also notified customers it was halting sales of?its private-label diapers.

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The company has also worked with Chinese automobile manufacturers, including SAIC Motor, GAC, and Dongfeng Motor, helping them achieve speed to market, operations optimization, workforce skills enhancement and lifecycle management.

The company didn't disclose the exact amount of financing but said the fresh round hit several hundred million yuan.

The company currently has wind farm and solar power assets in the United Kingdom, France, Belgium, Ireland and the Netherlands after four years of development, according to CGN Europe Energy.

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The company has completed 2,000 5G commercialization cases in 15 verticals and the total contract amount runs into several billion yuan, said Zhao. "This is just a beginning," he said.

The company has three vehicle plants and an engine factory in the country.

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The company has links to major universities in China to cultivate the next generation of engineers. For younger students, it hopes to inspire the next generation of innovators with investments in STEM (science, technology, engineering and math).

The company attaches great importance to the new normal in the field of scientific and technological innovation, and uses its own advantages to help enterprises with their fintech transformation, upgrading and innovation.