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Combined revenue reached 170.51 billion yuan (.3 billion) in H1, the company said in an unaudited report filed to the Shanghai Stock Exchange.

Cocoon Networks has organized the tech festival for the past two years with the aim of connecting UK startups with Chinese capital. The two-day event is expected to attract more than 1,200 delegates, including representatives from UK businesses, and investors and businesspeople from China.

Color ringback tone services, known as CRBT, allow wireless service subscribers to play their favorite tune, sound, jingle or phrase to incoming callers. With the ushering in of the 5G era, subscribers can now play their favorite videos to incoming callers.

Compared with the production of wholesale ready-to-wear suits, the process of making custom-made ones is more flexible but complicated, she said.

Concerns over job losses are greater than ever with the Fourth Industrial Revolution. A study by consulting firm McKinsey& Co predicted that 800 million workers could be displaced and about half may need new skills for new occupational categories.