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Analysts from Shanxi Securities further explained that the leading Chinese home appliance-makers have accelerated their overseas mergers and acquisitions.

Analysts attributed the improved performance of steel, non-ferrous metal and other cyclical sectors to the country's supply-side structural reform, which, aimed at downsizing saturated industries and economic rebalancing, has prompted a rebound in commodity prices.

Analysts said the merger will enable the State-owned giant to win more orders and gain more business in overseas cultural markets, adding that merging a relatively bigger SOE with diversified and international business interests with those with smaller assets and overlapping business might be the future direction of SOE restructuring and reform.

And the plant is still expanding as orders keep pouring in, with the number of employees expected to increase in near future.

An updated technology roadmap on intelligent connected vehicles was released on Wednesday at the 2020 World Intelligent Connected Vehicles Conference in Beijing, outlining the development goals of China's intelligent connected vehicle industry by 2035.