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Amid such challenges, Miao expressed confidence in the future prospects of China's automotive industry, given that the sector is undergoing restructuring and upgrading, and that new energy vehicles maintained their growth trend last year.

Amid further COVID-19 containment, schools across the country are resuming classes, unleashing growing demand from families, the report said, adding that consumer confidence was also boosted by local policy incentives.

Amid that uncertainty, one company seemed sure to suffer in the wake of the acquisition: Instacart.

Among the total, 20 billion yuan will mature in three months and 10 billion yuan will mature one year later, with the interest rate standing at 2.55 percent and 2.60 percent, respectively, according to the People's Bank of China (PBOC).

Among the new market entities, there were more than 75,000 new enterprises in the period, up 75.26 percent year-on-year, according to the provincial market supervision administration.