The company's name change from 58 Express to Kuaigou (Fast Dog in literal translation) Hailing in August was a highly controversial topic both online and offline. It even ignited anger and protests by its drivers in Zhengzhou, Central China's Henan province, since "dog" usually has a negative connotation in the Chinese language, so they considered the name as humiliating.
The company is still offering its own private-label baby wipes under the Amazon Elements brand. It’s giving people who subscribed to the diapers a promotional credit, and promising to let them test the redesigned diapers once they’re available.
The company will inform customers via mail, text messages and phone calls.
The company said the forecast was based on its property sales during the period.
The company's plans for local manufacturing is mainly driven by the fact that India levies 20 percent duty on imported devices.
The company noted that the number of tourists visiting Southeast Asian countries and regions related to the initiative in the past three years has grown between 10 and 15 percent annually.
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The competition, which wrapped up on Sunday in Guangzhou, Guangdong province, was the largest skills contest since the founding of the People's Republic of China in 1949.
The company's draft prospectus shows that it realized an annual turnover of 272.8 billion yuan, 272.7 billion yuan and 354.5 billion yuan in 2015, 2016 and 2017 respectively. The company's net profit came in at 14.35 billion yuan, 14.37 billion yuan and 15.87 billion yuan respectively. The company's net profit growth rate stood at 5.26 percent, 5.27 percent and 4.48 percent for the three respective years.
The company's related bonds were also heavily hit. Its two bonds issued at the Shanghai Stock Exchange both dropped more than 8 percent on Thursday. Its US dollar bond due by 2023 shed a 27 percent on Wednesday, hitting a record high.
The company, which boasts the largest group of young fans for ACGN, is reportedly planning an initial public offering in the United States that could raise at least 0 million.