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"From a long-term perspective, we will not stop at in-licensing. We will deploy more financial resources into innovation to put our growth on a firmer footing."

"Getting the seismometer safely on the ground is an awesome Christmas present," he said.

"Given the unprecedented speed of the slump in equity prices, it has been suggested that stock exchanges might be closed soon if things don't turn around," research house Capital Economics said in a note on Tuesday.

"Fueled by the government's supportive policies, forward-thinking domestic internet and tech titans, the country's IoT sector has actually entered a new stage of rapid development over the past year," Cao Wenzhong, vice-president of the China Economic Information Service, told a news conference in Wuxi, Jiangsu province.

"For 2019, we see another year of volume growth as we continue to benefit from our strong product program and increased capacity," he added. "But we have to be realistic and acknowledge that margins will remain under continued pressure."