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The company also plans to set up a total of 120 VR cinemas in the Chinese mainland by the end of the year, Seah said. So far, the company has six VR cinemas in Beijing.

The company has developed the technology itself, allowing electricity generated by its wind turbines to connect to the grid with no need to step up the voltage level through a power converter.

The coffee behemoth said the transaction was its biggest single acquisition.

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The commerce department said a total of 4,630 enterprises in Hunan were engaged in foreign trade in 2018, a year-on-year growth of 16.8 percent. The import from and export to emerging markets along Belt and Road Initiative routes increased 39 percent.

The company estimated that replacing its Huawei equipment would cost million to million.

The collaboration will also include the potential 5-billion -ringgit construction project to be developed by PRG and the subsidiaries of Syarikat Perumahan Negara, a housing development company under the Ministry of Finance in Malaysia.

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The comments came after a rash of AI-related controversies that have occurred in China and the rest of the world. In October, the first lawsuit against the use of facial recognition technology in China was filed by a professor who sued a wildlife park in Hangzhou, Zhejiang province.

The coal-to-nitramine conversion, according to Wang, also benefits the group in reducing production costs. The group now needs 100,000 tons of nitramine each year for explosions, an important part in coal mining and manufacturing. "We are also ramping up the efforts to reduce emissions for environmental protection," Wang said.

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The company expects its net revenue to be between 3.6 billion yuan and 3.7 billion yuan for the fourth quarter of 2020.

The commission will continue with the zero-tolerance policy on securities irregularities, and resolutely crack down on financial fraud, market manipulation and insider trading in a bid to protect the legitimate rights of investors, the statement said.