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The company was started in Founder?Jack Ma’s apartment in 1999, and?formed an entity called?Lakeside Partners, named after the “Lakeside Gardens” residential community where Ma?and the?other?founders started the?company.

The company said it will increase its expansion pace from about 250 new outlets this year to 500 per year from 2022 onward.

The company said it will take legal actions against any counterfeited Starbucks products.

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The company plans to use the funding to accelerate its business of making puzzle books for Amazon.com’s Kindle, and expand to new platforms.

The company recently announced that it would tap into foreign markets including Japan, South Korea and Southeast Asia.

The company said today it will incur another billion in COVID-19-related costs during the fourth quarter. The cost calculation includes money spent to help keep employees safe; additional pay for workers; and more. It also factors in lost productivity from changes in Amazon’s process, such as ramping up more new employees, or enforcing social distancing rules inside warehouses. Amazon CFO Brian Olsavsky described the costs as “incremental.”

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The company, which is based in Huizhou, Guangdong province, said it would increase investment in its research and development center in Hong Kong, make use of local skills and platforms, and recruit foreign employees to enhance its R&D capacity.

The company is set to bring the 127th Canton Fair, a major trade event in China, online for the first time in June by becoming its sole technical service provider.

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The company will announce further projects in the next three years.

The company's results for the first fiscal quarter which ended on March 31, showed that its total sales revenue increased 3.8 percent on a yearly basis to 138.1 billion yuan (.5 billion), while net profit surged 53.1 percent to 8.4 billion yuan.