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China Literature Co-Chief Executive Officers Liang Xiaodong (left) and Wu Wenhui pose during the pre-IPO launch conference in Hong Kong on Oct 25.BOBBY YIP/REUTERS

China Fortune Land Development (CFLD)'s first half of 2019 results have been rated as "top pick among A-share" and "Maintain Outperform" by JP Morgan and Credit Suisse, respectively.

China announced on Friday that it has lowered the bar for foreign companies to invest in Beijing's service businesses, including banking, entertainment and air transportation, to ease market access restrictions on foreign direct investment from Dec 10 to May 5.

China and the US initiated talks in 2008 on a bilateral investment treaty, the signing of which will ease two-way investment procedures. The ongoing trade tensions have brought more uncertainty to its possibility of success.

China Telecom also said in a statement that the 5G licensing will be a key step to build the country into a cyber power. It is also conducive to gaining a competitive edge in the telecom sector, which will help drive technological innovation, embrace industrial upgrading as well as boost high-quality economic growth, the company said.