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Another model, the Q2L e-tron SUV, will be manufactured in the joint venture's plant in Foshan, Guangdong province.

Apart from completing the flag-taking ceremony, Zhang said the performance will convey two messages: "Welcome to Zhangjiakou" and "See you in 2022 in Beijing".

Another industry leader, Alibaba Cloud, the largest cloud partner in China, also launched an array of cloud and artificial intelligence (AI) products and solutions at the MWC, ranging from big data and artificial intelligence to infrastructure, security and private cloud solutions. The key products include Image Search solutions that allow users to search for information online and offline using images, and Intelligent Services Robot, a chatbot for business.

Another highlight of the digital makeover is that enhanced storage and computing may ensure travel sites do not crash when travelers swarm to snap up tickets at the predicted peak time. According to Xiao, the company will also leverage its cloud computing resources to help airlines and the railway company conduct marketing tailored to target audiences.

Another important driver of the recent rally is the low risk-free interest rate. The yield on China's two-year or five-year treasury bond has been lingering between 2.2 percent and 2.7 percent, while the 10-year treasury bond yield is around 3 percent.