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Analysts say carmakers should speed up their pace to launch more lower-emission models; otherwise, the new regulation may exacerbate the already chilly automotive market, which fell for the first time last year since 1990.

Analysts said that Wednesday's statement showed that maintaining a normal pace of approving share sales and restoring the capital market's fundraising function will be a key priority of the regulator, especially against the backdrop of cutting corporate debt and reducing leverage as key reform measures adopted by the central government.

Analysts believe that Chinese brands, with their improving quality and rich SUV lineups, have won over customers who would otherwise purchase South Korean brands, whose market share in the same period almost halved to 3.8 percent.

Analysts pointed out that while the drop in revenue was disappointing, it had to come at some point after years of growth.

And the benefits are particularly concrete under current situation when the pandemic is still raging. If e-learning becomes a norm in the next few years, it may lead to restructuring, reform and reinventing in teaching and learning, Watkins said.