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At present, local players can be divided into three categories -- internet startups, local self-owned original equipment manufacturers, and traditional car rental companies.

At the same time, the market is going to continue to diverge, with large players taking more market share. The market is going to become more consolidated through mergers and acquisitions, the report said.

At the beginning of this month, the company announced it was in the process of closing a deal with BeiGene, a Beijing-based domestic biomedicine enterprise. The deal is awaiting regulatory approval.

At the inaugural ceremony, Zachary Hu, senior vice president and chief technology officer, said the center will focus on developing artificial intelligence (AI) and sensor technologies, with a goal to bring their applications into Midea product lines.

At the end of December 2016, outstanding loans to home buyers totaled 19.14 trillion yuan, according to the central bank data.