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The company is the first overseas branch established by its parent company, YaoDun Group of China.

The composite consumer sentiment index (CCSI) gained 2.3 points over the month to 100.9 in November, advancing above 100 in seven months, according to the Bank of Korea.

The company submitted its prospectus on Oct 22. Twenty-three days later, on Nov 14, it received IPO approval from the China Securities Regulatory Commission, which set a new record for the shortest waiting period for regulatory approval.

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The company posted a revenue of 552.2 billion yuan (.8 billion) and profit of 34.53 billion yuan in 2019. It also topped the steel sector in terms of business scale and profitability worldwide and was ranked 111th in the latest Fortune Global 500 rankings.

The company is willing to form industrial alliances with Chinese SOEs and private companies to improve its strength abroad and minimize operational risks, Zhou said.

The company will maintain high standards of service quality to ensure reliable support for foreign capital entering the Chinese market as well, Shi said.

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The company said in a message on the Write On forums, “While we have been proud over the last few years to have brought together such a vibrant, active, and creative community, unfortunately we will be closing Write On’s doors on March 22. After this date, access to Write On will be unavailable.”

The company's net profits attributable to shareholders in the first nine months are expected to reach 20.7 billion yuan (about .05 billion) to 21.2 billion yuan, more than 14 times that in the same period last year, the firm said in a statement filed with the Shenzhen Stock Exchange.

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The company's latest financial report showed that its sales in China in the first nine months of fiscal year 2018 were up 21 percent, hitting 2 million.

The company's worldwide net sales in the first quarter declined 3 percent to billion, and comparable sales, a key retail metric, declined 5 percent. The figures missed analysts' expectations.