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Baidu Inc's iQiyi is targeting a US initial public offering as soon as in 2018 that could value China's most popular streaming video service at more than billion, two people familiar with the matter say.

BYD Chairman Wang Chuanfu said lithium iron phosphate batteries were mainstream products in the early development stages of the electric car sector, but as customers wanted cars with longer ranges, many carmakers have gradually replaced them with ternary lithium products.

Backed by the agreement, the two sides have cooperated in a wide range of fields such as education, the economy and agriculture.

Baojun, Changan and Great Wall Motors' Haval were top among Chinese brands. Baojun had a residual value ratio of 64.4 percent last month, while Changan tallied 59.8 percent and Haval 59.1 percent.

Bai Gangfeng, deputy secretary-general of the Linfen municipal government, said the involvement of officials adhered to strict guidelines covering livestreams involving farms, production workshops and tourist attractions, to help promote local products and services.