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And the strategy appears to be working, at least to some extent, according to new estimate from market research firm Consumer Intelligence Research Partners.

Anand Rao, an AI consultant at PwC, said initially North America would have faster productivity gains from AI than China because of its mature infrastructure. "But China will begin to pull ahead of the US in AI in 10 years after it catches up on both relevant technologies and expertise," Rao said.

Analysts expect that the STAR Market, which debuted in late July with 25 listed firms, may have at least 50 listed firms by early November, the China Securities Journal reported.

Analysts said that as Womai is not profitable yet, it may choose to take a test other than that of profitability and could pass the hearing without many difficulties, but profitability remains a key for share price performance in the future.

And the function of bookstores has expanded from merely selling books to cultural and entertaining consumption－to evolve into "a hub of events and gatherings for publishing companies, writers, key opinion leaders and book enthusiasts", Ren added.