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Based on a mobile platform offering legal services, the application of online litigation will be widely extended and optimized, Xu noted.

Banks will have cheaper funds to lend out, said Jiang Chao, an analyst at Haitong Securities. "Theoretically, the move will enable banks to cut the price of loans banks offer to their best clients by 0.1 percentage point."

Baidu will continue to be the company's controlling shareholder upon completion of the offering.

BYD's 40 clients in the US include the likes of Facebook, Stanford University, UCLA and Long Beach Transit.

Based on these 5G base stations, the city's urban areas, the core areas of the Binhai New Area and different development zones are expected to be fully covered by the 5G network.