The company started trading on May 2 under the ticker symbol of "KXIN" after its business combination with CM Seven Star Acquisition Corporation, a Chinese blank check company formed for the purpose of entering into business ties with one or more businesses.
The company's board of directors made a decision to invest billion to improve overall security capability in the next five years with openness, sincerity and trustworthiness, he added.
The company’s Ring subsidiary, which was hit with a series of security issues last year, announced new end-to-end encryption for video, as well as a new Ring Car Alarm and Car Cam for auto security, along with an API dubbed Ring Car Connect for implementation by auto manufacturers, starting with Tesla.
The company took steps to better ensure passenger safety, such as making it easier for them to contact police en route and the introduction of audio and video recording functions during rides.
The company is already aiming to outperform domestic counterparts in five years, he said.
The company's interim results showed revenue from the online advertising business rose 27.2 percent to 362.3 million yuan. In June 2019, Meitu app's users spent over 12 minutes per day on average, from approximately 5 to 6 minutes per day prior to the transformation.
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The company is working extensively with internet giants Alibaba Group Holding Ltd, Tencent Holdings Ltd and Baidu Inc in telecom services, information infrastructure and other emerging businesses.
The company said it is deciding on whether to build a new plant or renovating an existing facility. Either way, the plant will be operated by Human Horizons' management team and factory employee, and will manufacture products using its own technologies, it said.
The company will also benefit from exclusive marketing rights across a wide range of fields including real estate development, shopping malls, hotels, travel agencies, movie theatres, movie and film production, and amusement and theme parks.
The company, which was established in 2017 following the merger of Fortune 500 companies China Guodian and Shenhua Group, is now the world's largest producer of coal, thermal power, wind power, coal-to-liquids and coal-to-chemicals.