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The company plans to start building a second facility in Zhejiang next year.

The competition, known as Chinese Bridge, had been scheduled for earlier this year in Russia, but it was postponed to Sunday due to COVID-19.

The company's gross merchandise volume for the three months achieved a year-to-year growth of 21.7 percent, and reached 47.6 billion yuan.

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The company, which had 15 percent of sales last year related to China, is on course to "invest quite significantly" in the country for the next three years, Aspell said.

The company said ACG headquarters would help fully integrate China Mobile and Migu's resources in areas such as movies, animation, games, music and literature, besides facilitating collaborations with potential partners in the industry.

The company said it has detected natural gas reserves of two trillion cu m in the past decades, improving natural gas utilization in Sichuan province and Chongqing municipality.

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The company inked a licensing agreement with Japanese EA Pharmaceutical Co Ltd on Wednesday, giving it the rights to develop, produce and commercialize EA's new kidney disease treatment medicine, a drug that treats enlargement of one or more of the parathyroid glands caused by end-stage renal impairment and dialysis.

The company is exploring possibilities with investment banks about a standalone IPO for Douyin, according to Reuters.

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The company will hold a grand livestreaming event on Thursday to showcase its latest technologies and products to international buyers.

The company has, however, shifted focus to Hong Kong, the people said, as the city's exchange operator is about to allow dual-class shares, which potentially allow founders to weight share voting rights in their favor.