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Among local brands, February saw the release of 10 new models, decreasing by 70.6 percent from a year earlier. Shipments of local brands reached 5.86 million units in February, with a decline of 55.3 percent year-on-year, accounting for 91.8 percent of the total domestic shipments.

Amid the COVID-19 epidemic, more internet users have turned to online sources for recreation, leading to further growth in the number of internet audio-and-video users, the report said.

Amazon’s Whole Foods acquisition overshadowed another huge deal that happened the same day: Walmart acquiring Bonobos for 0 million. The move was part of a larger push — headlined by the .3 billion acquisition of Jet.com — to bolster its e-commerce offerings and appeal to younger, hipper demographics.

Amid concerns of a further global slowdown, experts expect a stable Chinese economy to contribute to the world's economic growth.

Among the top 20 brands (valued in terms of business scale, market influence and performance, financing and M&A), four were purchased by Chinese co-working space unicorn Ucommune--Hongtai New Space, Wujie Space, Wedo Union and Workingdom this year, according to the report.