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The company's CEO and managers of the branches were also fined 10,000 yuan each.

The company, trading under the ticker symbol of "YJ," announced its IPO of 11 million American depositary shares (ADSs), at a price to the public of per ADS, for a total offering of approximately 1 million.

The company was also simultaneously prosecuted for the same charge, the procuratorate added on its website.

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The composite index tracks business volumes, new orders, employment, inventory turnover, and equipment utility rates in China's logistics sector. A reading above 50 percent indicates expansion, while a reading below that reflects contraction.

The company is also teaming up with another institute which has been working on the coronavirus for over 10 years to develop a new small molecule specific drug for COVID-19. The first phase of the cooperation is in process.

The complex is expected to be occupied next month.

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The company's mission is in line with the Chinese government's emphasis on the development of precision medicine.

The company plans to bring 10 innovative medicines to China in the next seven to eight years.It also aims to get approval in China simultaneously to other countries and regions, so that Chinese patients will have timely access to its medicines.

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The company said the normalization of railroad operations marked the city’s logistics and production are gradually recovering from the epidemic, and will serve as a strong support for commerce and trade.

The company, which has an initial staff of 20, expects to start producing the lipsticks by the end of this year.