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The company finished its series-C round of funding from Suning, Sequoia Capital and Tianxing Capital in 2016. It has launched an overseas version of the app named All Football.

The companies have a combined asset value of up to 500 billion yuan ( billion), according to Bloomberg.

The company also clarified in an announcement it has not formed any substantive plans and intentions on the "reorganization" reported by some media.

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The comments came after local governments rolled out favorable policies to support the development of new energy vehicles. China, for instance, has extended subsidies for new energy vehicles until 2022 and such vehicles will remain exempt from purchase taxes for another two years as well.

The commission has been actively restructuring SOEs this year in a bid to improve industrial efficiency, with the number of central SOEs falling to 98, down sharply from 196 in 2003.

The company applies AI to everything, from healthcare and transportation to education and entertainment. It kicked off the construction of the "New Generation Supercomputing Center" in Shanghai in July, hoping to leverage the city's ambition of becoming a global science and technology innovation center.

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The company has also initiated a plan to encourage people to innovate color ringback tone services in the 5G era to fully embrace users' mounting enthusiasm for short videos.

The company has 6,114 employees overseas, including 4,331 local people, with the localization ratio reaching beyond 70 percent.

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The combined profits of China's SOEs rose 7.2 percent year-on-year to 1.82 trillion yuan (4.5 billion) for the first six months, the Ministry of Finance (MOF) said in an online statement.

The company aims to build it into an important trade passageway and a model project for China and Kazakhstan under the Belt and Road Initiative.