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As young people born in 1990s become the major part of the labor force and with the growth of startups, business trip demand is becoming more diversified and personalized, he said.

As the government plans to introduce a mandatory national standard for both home study and classroom lighting, Lim said more Chinese schools will equip themselves with next-generation lighting products over the next three years. Signify plans to generate more sales revenue from this fast-growing area.

As the store is located in suburban Shanghai, with no close public transportation, some customers complained about the inconvenience to shop there and that it offered no big price difference compared to other supermarkets in China, according to the report. Also up to now, shoppers have still had to wait for a long time to enter the Costco store to buy goods due to heavy crowds.

As the global version of Chinese app Douyin, TikTok has offices in a dozen cities around the world. The company has announced that it plans to set up new international headquarters outside of the US, and recent media reports have tipped London as the likely location. This week the company also revealed plans to build a new 420-million-euro (7 million) data center in Ireland, its first such facility in Europe.

As the China's economy was facing new challenges amid the coronavirus outbreak, iQiyi's online advertising services decreased 27 percent year-on-year to 1.5 billion yuan in the first quarter.