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And 56.9 percent of the AI companies in Beijing have not completed A-round financing, indicating that most are still in the start-up stage with potential for further development.

And earlier this year, Chinese chemical company Lianhe Chemical Technology completed the 7-million acquisition of UK-based chemical manufacturer Fine Industries.

Angela Chao, who joined the Foremost Group in 2001, said the core values of the company have never changed.

Analysts expect bigger players to gain a market advantage over smaller rivals with consolidations going up amid the changing industrial landscape

Analysts believe China, with an annual production capacity of more than 25 million metric tons currently as well as a huge hydrogen market demand due to the booming growth of new energy vehicles, has substantial potential in developing hydrogen energy, and China's development of hydrogen industry is also in accordance with the international strategy on energy transmission.