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Chinese bike-sharing firm Ofo's executive has been restricted from leaving the country for refusing to comply with court verdict, Beijing Youth Daily reported on Thursday.

Chinese enterprises usually list their shares in the form of American Depositary Receipts (ADR) in US stock exchanges, representing a feasible and liquid way for US investors to invest in overseas companies. Foreign firms also benefit from issuing ADRs as they come without the hassle and expenses involved in listing on US bourses.

Chinese car-makers are feeling the pinch in the market. According to the China Association of Automobile Manufactures, in 2018, China's auto sales recorded the first ever annual negative growth. In the first two months of this year, auto sales also decreased compared with a year ago.

Chinese artificial intelligence pioneer SenseTime is stepping up efforts to commercialize its cutting-edge technology with new solutions for retail, education, security, and other sectors.

Chinese economy is on a transition to one more driven by consumption and service sector as increasingly affluent Chinese are looking for quality of life. In a speech to the Summer Davos Forum last June in Tianjin, Premier Li Keqiang said the five "happiness industries" of tourism, culture, sports, health and old-age care are rapidly growing in China.