The company's China marketplace, which has stocked products from Chinese as well as overseas merchants, struggled to gain a foothold in the country's fiercely competitive e-commerce market. Consumer insights firm iResearch Global said that Alibaba Group Holding Ltd's Tmall marketplace and JD.com held 81.9 percent of the Chinese market last year.
The competition among imported wines and the continued downward prices are further reducing the profit margins of foreign wine makers compared with their domestic competitors, which makes wine distributors more carefully consider their balance of foreign wines versus domestic ones.
The company will list on the Nasdaq under the symbol FHL. Goldman Sachs (Asia), UBS Investment Bank and Credit Suisse are the joint bookrunners on the deal.
The company was fined 120,000 yuan (,400) by the city's environmental protection bureau and given until the end of May to upgrade its equipment or remain shut down.
The company is unveiling the device at its Google I/O conference in San Francisco right now, but the official specs and pricing leaked earlier by way of an official video and product pages from the company that have since been taken down.
The company's refinery crude throughput reached 63.5 million tons during the third quarter, up 2 percent year-on-year. Refined oil production reached 38 million tons, up 11.2 percent compared with the previous quarter, it said.
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The complaint was the final nail in the coffin for Joyce who has been under intense pressure to resign since it was revealed that he had engaged in an extramarital affair with former media adviser Vikki Campion who is expecting their child in April.
The company said the power has been sent to central and eastern China provinces, including Henan and Anhui.
The company's move is considered a response to growing air trade and the booming cross-border e-commerce sector between Europe and eastern China.
The company said such expectations would push traditional carmakers to improve their research and development.