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Analysts say their fast response is intended to attract customers and help keep a rising trajectory they have managed to achieve in an overall sluggish and increasingly competitive market. They expected more premium brands to join the race.

Analysts said CATL's lead will continue for a while to come, but it's clear that the company will face more pressure than before.

And like Ma, who got turned down many times by potential employers before he started Alibaba, Ngetich believed his star too will shine one day.

And when, 17 years later, COVID-19 brought an even bigger threat to the country's public health, the veteran volunteered to design a new hospital for Wuhan, the hardest-hit Chinese city during the epidemic, despite his advancing age. Within hours, his team had revised the original blueprint of Xiaotangshan Hospital and provided the complete construction plan for the Huoshenshan Hospital to Wuhan urban construction administration.

Analysts said the moves will effectively tame the new debt expansion. Measures which are "too aggressive" may stimulate unexpected risks including a break in the financing chain or bond defaults, so the debt reduction process should be "step-by-step".