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The company's trademarked "Farm to Wok" method, however, didn't impress the Chinese.

The company is expected to roll out the first iris-recognition embedded smart vehicle late next year, although there's no timetable yet for a similar launch in China.

The company's sales value in the first 10 months this year reached 78.6 billion yuan, up 30 percent year-on-year. Shimao has raised its annual target from 80 billion yuan to 88 billion yuan during its interim conference, and the company now has realized 89 percent of its improved annual sales target.

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The company, trading under the ticker symbol of "XYF", announced its initial public offering of 11,000,000 American depositary shares (ADSs), each representing two Class A ordinary shares, at a price to the public of .5 per ADS for a total offering size of approximately 104.5 million dollars, assuming the underwriters do not exercise their option to purchase additional ADSs.

The company will continue to make good use of its advantages across the whole industry chain to better arrange production and supply, strengthen research and development, and enhance information exchanges to contribute more to contain the novel coronavirus outbreak, Liu said.

The competition in the domestic home appliance market is fierce, and the price decline of major TV products has resulted in a decreasing profit margin and increasing pressure on enterprises, said Zhu Yuanyuan, head of the electronic products division at AVC.

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The company is currently making a polar research icebreaker－the first to be built from the keel up by China－at the Jiangnan Shipyard, and the country's first marine resources survey ship at the Huangpu Wenchong Shipbuilding Co in Guangzhou, Guangdong province.

The company reported a larger-than-anticipated loss when it reported fourth-quarter results on Tuesday, although the interest from prospective customers in the company's future space flights continued to climb. The quarterly results showed a net loss of million.

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The company said in its listing prospectus that it would use the IPO proceeds to develop cutting-edge chip manufacturing process, supplement working capital and bankroll the research and development of advanced technologies.

The company invested 2.5 billion yuan in research and development in 2018, accounting for about 20 percent of its annual revenue.