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"China is also home to many major 5G equipment suppliers and smartphone vendors, which will be responsible for an aggressive marketing push over the next few years," says Nicole Peng, Vice President of Mobility at Canalys.

"Bytedance already has multiple short video and live streaming products. What Vscene can add is the VR technology so as to upgrade the live streaming experience and enhance the level of engagement," said Wang Xiaofeng, senior analyst at consultancy Forrester.

"China is doing well. We have been growing a lot here ... We are very happy with the performance we have seen in this market and it is still early in its development. We have only been serving this market directly from the US for the last 10 years and so it takes time to build a more profitable franchise," said Bastian.

"By putting together well-talented and open-minded people we are convinced we can eliminate misunderstandings, promote positive ideas and bring about new projects. This is all the more important as our world is confronted with bursts of populism and protectionism."

"China has thus far achieved a significant victory with regard to tackling the novel coronavirus. However, there are two major risks that are blighting the growth recovery. External demand has been falling as the epidemic is spreading to more economies, while chances of a potential second wave of infections within China are also rising," said a research note from Japan-based Nomura Securities.