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As China continues to improve the quality of goods, exports should be able to keep stable growth, Mao said.

Apple shares rose Friday 2.48 percent in mid-day trading after Wells Fargo upgraded the stock to overweight from equal weight, citing the stock's "compelling risk/reward" outlook.

Around 30 percent of IPO applications were rejected in 2018, while the figure was only 17 percent a year earlier. Some 150 companies' IPOs were terminated this year, up 36 percent from 2017.

Apple has lowered its revenue forecast for the first time in almost two decades, citing weakening demand and lower-than-expected iPhone revenue in China as among the factors.

Argentina on Saturday reported a daily increase of 1,531 cases, the biggest single-day rise in infections since the first case was detected here on March 3. So far, a total of 30,295 people have tested positive for the virus and 815 people have died from the disease in the country.