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Chinese smartphone vendor Realme unveiled a below-1,000 yuan (6) 5G handset on Tuesday, as the company aims to beat out rivals amid intense competition in the sector.

Chinese tech giant Tencent will be the IPO's cornerstone investor, and plans to invest 3.2 billion yuan (0 million) to buy the stock, according to the Hong Kong Economic Times.

Clas Neumann, senior vice-president of German software and cloud service giant SAP, said "We need standards for data transmission, and for data between machines and software. Only with common technical standards, we can easily apply innovations from Germany to China and the other way around."

Christopher Beros, trade director for China and Pacific Rim of the Wine Institute, said that China is not only the largest country in the world in terms of population, but also has a rapidly growing middle class which travels abroad and adopts Western tastes and lifestyle preferences.

Chow Hiu-tung