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The company’s previous guidance for this quarter predicted net sales between .1 billion and .8 billion, and an?operating loss between 5 million and million.

The concept drew inspiration from the literary cafes of late-19th century Europe, and Paris in particular, where artists, painters and writers used to chat together and exchange thoughts about life and the future.

The company owns about 200 shopping centers throughout the US. All properties were closed temporarily March 18 as part of the nationwide effort to curb spread of the coronavirus, also called COVID-19.

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The company still should pay more attention and spend more money on R&D of products, Zhang added. "Other NEV startups are unveiling models featuring fabulous appearance and internal structure to allure customers. The two models of NEVS are too old to meet the requirements of current customers," Zhang said.

The company's net profit attributable to its equity holders was expected to reach 34 billion yuan (.9 billion) last year, according to its financial report filed to the Shanghai Stock Exchange.

The company, which also owns the Bloomingdale's and Bluemercury chains, operates about 775 stores nationwide.

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The company operates coffee shops in major US cities and in Japan, with a unique minimalist style that also incorporates elements of the surrounding neighborhood. The total number of Blue Bottle Coffee shops was about 55 at the end of 2017. Blue Bottle Coffee has also launched super premium ready-to-drink and roast and ground products, sold online and in the offline retail market.

The company will sell an 18 percent stake to Unisplendour Technology Venture Capital Ltd, 18 percent to Oriente Grande Investment Fund LP and 13 percent to Vivid Victory Developments Ltd, according to an announcement issued by TCL on Monday night.

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The company said it is a significant milestone in driving the deployment of the technology at scale in the country.

The company included the goal of "globalizing and localizing overseas businesses" into its strategy in order to break the bottleneck in overseas operations and promote its comprehensive competitiveness and international management expertise.