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"China will become one of the world's hottest IPO markets," said Amanda Zhang, PwC China private equity partner.

"China's robotics industry has been moving forward at high speed in recent years. It is driven by long-term vision, by the understanding that innovation is essential, and by the government's commitment to provide the necessary resources," he said. "Robotics is all about integration, and cooperation is needed to take a leading position in developing smart robots."

"Connectivity is key to GM's vision of zero crashes and zero congestion because of its potential to improve safety and reduce congestion," said Matt Tsien, GM's executive vice-president and president of GM China.

"China sales account for 6 percent of our total revenue, and we hope to increase the figure to 15 percent in the near future," said Pharoah, adding that consumers are evolving with individual demands.

"Compared to the downturn seen in smartphone demand and many other segments in the first six months of this year due to the devastation caused by COVID-19, the smartwatch remains a popular consumer device segment," said Sujeong Lim, senior analyst from Counterpoint Research.