The company's net cash provided by operating activities in the quarter was 5 million, compared to 6 million in the same period last year.
The company will raise funds of 30.63 billion yuan at a net price of 4.88 yuan per share, Beijing-Shanghai High-Speed Railway said in a statement filed to the stock exchange on Jan 3. Based on the offer price, the company has a price-to-earnings (P/E) ratio of 23.39 times, breaking the ceiling by a factor of 23 in real terms for the first time in new shares issuance.
The company said the downgrading of the forecast could be attributed to a number of factors including a stronger US dollar and higher tariffs caused by the trade tensions between China and the United States.
The company is uniquely placed to foster a complete ecosystem by building communication bridges between foreign and Chinese enterprises, and connecting players from the upper, middle and lower rungs of the industry's value chain, she added.
The company, which is headquartered in Palo Alto, California, plans to eventually produce as many as 500,000 vehicles annually in Shanghai, though the timing of the factory’s opening is unclear, Rogers said.
The company opened its first hospital in Beijing in 1997, and was designated to screen expats during the 2003 SARS outbreak.
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The company, also known as CGN, will keep coming up with another 3 million kW of newly added installed capacity annually during the next five years, and total installed capacity of CGN's new energy in the country will exceed 40 million kW by 2025, said Li Yilun, general manager of CGN New Energy, a subsidiary of CGN.
The company will be wholly controlled by Ant Financial and led by Hu Xiaoming, CEO of Ant.
The company's business revenue plummeted 16.5 percent year-on-year to 9.76 billion yuan during the same period.
The company's first operation center and photocopier re-manufacturing plant will be launched in the western African country, providing services including graphics production, printing and equipment sales, rentals and maintenance.