Gao Xiangming, chairman of TISCO, said the company's R&D expenses account for about 5 percent of its annual sales revenue.

The composite index for coastal bulk freight edged down 1.6 percent week on week to 1,055.6, the SSE said.

It is built in partnership with China Mobile and Huawei.

Both environmental protection and project profits were concerns for the company which is located in Shanxi, a coal-rich province of China.

The China Tianjin Bulk Freight Index (TBI), an indicator of northern China's international bulk freight rates, stood at 541.09 points on Tuesday, up 0.05 percent compared with the previous working day.

Profits at industrial firms declined at a slower pace in April as production and sales rebounded amid the nationwide restoration of economic activities, the National Bureau of Statistics said on Wednesday.

"As one of the first national demonstration cities for 5G, Urumqi has provided a primary ecosystem for the commercialization of the network," Yasen said.

SOEs' reform will help govt focus on innovation, tech-driven growth, experts say.