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An official of the Phuket Consular Office of the Chinese Consulate-General in Songkhla visited the injured tourists at the hospital in time and called on local authority to treat them and investigate into the accident.

An industry expert who didn't want to be named said Beingmate's loss might not be as big as reported. The insider said the financial result might lead to the possible acquisition of additional Beingmate shares by Fonterra, which already owns 18.8 percent of the Chinese infant formula company. By doing so, Fonterra can produce and distribute its own infant formula brands at lower costs, said the insider.

An investigation into the cause of the collision is underway.

An employee puts finishing touches on a Mitsubishi Heavy-Haier air conditioner at the company's production facility in Qingdao, Shandong province, on March 30. [Photo by Liang Xiaopeng/for China Daily]

An important measure is to cut costs and enable enterprises to invest more in innovation, research and development, said Shanghai authorities.