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Apart from Douyin and Sougou, three other companies involved are advertisement and media production enterprises. Under the advisory of the State Administration for Market Regulation, the Beijing Administration of Industry and Commerce is now investigating the five companies and the punishment will be released in a timely manner, the release said.

Ant did not disclose the size of its planned listing nor the timing. But the Hangzhou-based company is targeting a valuation of more than 0 billion, according to sources quoted by Reuters.

Another eight miners remain trapped in a 74-meter-deep tunnel, which is blocked by a falling coal seam at both ends, according to the emergency rescue headquarters.

Another Dutch company on the fast move in China is oil giant Royal Dutch Shell, which expects to expand its presence in petrochemical sectors.

Apart from economic development, what progress in other areas have you witnessed in China in the past 40 years?