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The cloth shoes enjoyed huge popularity among the Chinese public until the 1980s.

The company attaches great importance to technology and innovation, as reflected in the headcount of 20,000 employees performing such operations. It has filed 22,000 patent application globally, 14,000 of which were approved by the end of 2017.

The company has opted for a branding makeover by teaming up with Disney's Marvel series, releasing Captain America-themed zongzi.

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The companies concerned have denied such reports. For its part, the CSRC said on July 18 that qualified securities firms are encouraged to carry out mergers and acquisitions based on market rules.

The combined revenue of Chinese companies accounted for 25.6 percent of the Fortune Global 500 list's total, behind the US at 28.8 percent.

The company also posted solid growth in its Internet of Things service, with the total number of smart connections exceeding 150 million by the end of the first half.

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The commission also wrongly took banking loans obtained by state firms as bestowal, which inflated the subsidy range, Wang said.

The company has faced pressure from local competitors' strong growth. Statistics from market research firm International Data Corp showed that Huawei Technologies Co Ltd continued to lead China's smartphone market with shipments of 25.2 million units during the third quarter of this year, representing 24.6 percent of the market share.

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The company has set a goal of opening 10,000 stores in 100 economies, including 7,000 stores overseas, and generating 100 billion yuan (.52 billion) in annual revenue by 2022.

The company has built some 2,500 superchargers across the country since 2014. The ambitious investment this year represented a conspicuous jump from the previous six years combined.