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"China's R&D expenditure as a proportion of revenue from principal business by sector has increased continuously in the past decade. The Made in China 2025 plan will further stimulate innovation of Chinese companies," Yuan said.

"Connecticut has not agreed to any settlement," Willian Tong, the state's attorney general, said in a statement. "Our position remains firm and unchanged and nothing for us has changed today. I cannot predict whether Purdue will seek bankruptcy, but all I can say is we are ready to aggressively pursue this case wherever it goes — whether it is in the Connecticut courts or through bankruptcy."

"Currently, most of their revenues are from the domestic market," Dai said. "Douyin and Kuaishou have gained popularity in Japan and Southeast Asia, respectively. We expect those Chinese short video apps will see more downloads and revenues generated from overseas markets."

"Companies from Southeast Asia including Singapore, Malaysia and Indonesia will also be our targeted potential clients," Geng added.

"Chinese consumers have shown growing awareness of their health conditions since the outbreak of COVID-19 earlier this year, and they have indicated a higher recognition of TCM. Besides, the government is increasing its support of the TCM segment ahead of the country's Healthy China 2030 initiative," he said.