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The collaboration is also expected to draw expertise from Tmall Innovation Center, Alibaba's in-house product co-creation program, which relies on Alibaba's 674 million active users to extract consumer insights and conduct a myriad of pre-launch tests from pricing to packaging, Hu noted.

The company has suggested a compensation plan, including 1,300 euros (,439) in cash for each tourist, as well as upgraded accommodations and a refund for any skipped events. It said it will work with the police and insurance companies to recover and reimburse losses.

The comment came after the European Commission announced on Tuesday a 10-point action plan on China for EU heads of state or government to discuss and endorse at the European Council on March 21.

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The comments echo a recent survey by Swedish telecom equipment maker Ericsson which said that China's 5G development is speeding up this year, which was a contrast to the slowdown of 5G rollout and growing subscription rates in many markets.

The collaboration and support between the two places manifested the "indelible" love and care between the people, he added.

The company has reduced its capacity and the number of flights in the coming months, but "weak travel demand continues to affect its business and revenue", it said.

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The company did not disclose the total amount of funds it planned to raise, but Reuters quoted two people as saying in a report that Megvii aimed to raise least 0 million from the initial public offering.

The company also develops and produces materials, functional parts, components and systems for railway, machinery, mining and other industries.

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The civilian rescue teams will be further mobilized to help these underdeveloped areas fight natural disasters, he added.

The comment came after US Ambassador to ROK Harry Harris reportedly told a group of foreign reporters that it would be "better" for ROK to pursue the inter-Korean cooperation through the "working group" between Seoul and Washington in a bid to avoid "misunderstanding."