China National Petroleum Corporation, the country's largest oil and gas producer and supplier, reported steady daily production of shale oil of 20-30 cubic meters in its Dagang Oilfield, a sign of the industrial development of continental shale oil in the Bohai Bay Basin. CNPC aims to produce 50,000 metric tons of shale oil from the Bohai Bay Basin by the end of 2019 and to achieve production of 500,000 tons of shale oil by 2025 to further develop the clean fuel and ensure national energy security. (China Daily)

Airbus on 21 Feb inaugurated the office of its innovation center in Shenzhen, southern China's Guangdong province, targeting to join hands with local innovation to create a world-leading innovation hotspot. Airbus China Innovation Centre (ACIC) is the European aerospace giant's first innovations center in Asia and second worldwide after A3 in the Silicon Valley in the United States. (China Daily)

Chinese PC maker Lenovo Group Ltd has announced that its pretax income for October to December quarter jumped 133 percent year-on-year to a record high of $350 million, due to the strong performance across its main business. The news sent its Hong Kong-listed shares soaring nearly 12 percent to HK$6.67(85 cents) in Thursday's trading. (China Daily)

China's digital technology company JD Digits announced the country's first one-stop intelligent asset management technology system, JT², as part of the company's broader push to bring advanced technologies, such as artificial intelligence and blockchain, into the asset management business. (China Daily)

With iPhone sales hitting the bottleneck, Apple Inc. (Apple) is beefing up its services business in order to tap into new income sources and boost waning smartphone sales. Last Thursday, the U.S. tech behemoth was reported to have teamed up with Goldman Sachs Group to issue this spring a joint credit card paired with new iPhone features that will help users manage their money. (National Business Daily)

Wanda Film Holding Co, the movie branch under conglomerate Wanda Group, announced this Thursday that it had received regulatory approval to acquire 95 percent of shares from another subsidiary Wanda Pictures a day earlier, under conditions that the company needs to re-file a few documents. (National Business Daily)

Rain, Huawei jointly launch 5G network in South Africa. South Africa's mobile data-only network operator, Rain,  announced it had launched the first 5G commercial network in South Africa in partnership with Huawei, the leading global ICT solutions provider. This move has made South Africa one of the first countries to launch 5G. (National Business Daily)

Xiaomi started a new round of restructuring on Tuesday, through which Cui Baoqiu was installed as vice president and chairman of the technical committee at the company, together with the appointment of 14 general managers and deputy general managers. This is the biggest structural change of Xiaomi since last September when it set up the organization department and the strategic advisory department. (National Business Daily)

Daimler and BMW, two German luxury carmakers, revealed on Friday their plans to invest more than one billion euros (1.13 billion U.S. dollars) in the establishment of a new joint car sharing business.The cooperation between the two German luxury carmakers is aiming to create five joint ventures for car sharing, parking, charging stations for electric vehicles, mobility platforms as well as ride-sharing services. (Global Times)

Danish toy giant LEGO is looking for a bigger presence in China to reach out to and educate more kids by building on the robust growth of the emerging market.  'China is a strategic growth market, and we will continue to expand our local presence both online and offline,' said LEGO Group CEO Niels Christiansen.  (Global Times)

Alibaba has pledged no layoffs this year, defying a wave of layoffs in the Internet sector amid an economic slowdown. Alibaba will continue to recruit new staff, ramp up training programs and utilize more platform resources to help create more jobs, Alibaba's CEO Daniel Zhang told an internal meeting Thursday. (Global Times)

Tesla plans to complete construction of four vehicle production facilities for its Shanghai Gigafactory by September 2019, and construction of other important facilities, such as a power system factory, is expected to finish by March 2020 as part of its first phase of plant construction. (Global Times)