To further amp up the local market, in which it has had a presence over the past two decades, the company now positions China's "strategic role" as an international hub in the global supply chain system.

The market for China's pet industry skyrocketed to 172.2 billion yuan in 2018 from the 49.4 billion yuan spent in 2013, according to a report market research firm Frost & Sullivan released this year.

Neil Wang, president of Frost & Sullivan China, said, along with rising disposable incomes and consumption upgrades, residents are increasing their spending on leisure and entertainment purchases, which include products and services needed for raising pets.

The average capacity of a lithium-ion battery cell in today's electric cars ranges from 50 to 120 amp hours.

The average capacity of a lithium-ion battery cell in electric cars today ranges from 50 to 120 amp hours.

Amp Lee Ltd under Li Xiang, president and CEO of Li Auto, holds 23.79 percent of shares with up to 75.74 percent voting rights; Inspired Elite Investments Ltd under Meituan holds 13.23 percent shares with 4.21 percent voting rights; Zijin Global Inc of Wang Xingqi, the founder of Meituan, holds 6.76 percent shares and a 2.15-percent voting rights; Rainbow Six Limited, belonging to an independent director of Li Auto, owns 4.46 percent of the shares and 1.42 percent of the voting rights.

The S&P 500 was down 87.31 points, or 3.7 percent, and shares of S&P 500 technology companies, which are highly exposed to the China market, dropped 4.1 percent.

Besides Principal Financial Group, heavyweight international players including AMP Capital, Fidelity and Vanguard are stepping up their presence in the Chinese pension market.