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"China is the biggest trading partners of five Northeast Asian countries, while Japan and South Korea are China's second and third largest trading partners," said Li Chenggang, assistant minister of commerce.

"China is in the process of further opening up its services sector. The US risks losing the whole Chinese market if it pushes too hard," said Yu Miaojie, deputy director of the National School of Development at Peking University.

"By getting listed, fintechs will consolidate previous achievements in development and will take the IPO as an opportunity to rectify nonstandard businesses so that they will meet compliance requirements. Besides, the status of listed companies will be helpful for them to obtain the relevant qualification accreditation or file for record under tightened regulations," the report said.

"By then, production capacity of LED chips will grow by 50 percent," Wang said.

"CITIC Capital is confident about the future growth and prospects of the business and we are actively participating in the bidding process," said a Hong Kong-based spokeswoman.