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China's Listed Companies Report Moderate Growth in First Half Year
China's listed companies reported moderate growth in the first half of the year, as a result of an improving macroeconomic situation.
Interim reports of the 1,029 companies listed on the Shanghai and Shenzhen bourses shows that their weighted average earnings per share rose 6 percent to 0.11 yuan, compared to the same period last year.
Sectors with closer links with the macroeconomy recorded better performances. Listed companies in the iron and steel sector saw a 14-percent rise in their net profits, while those in the power sector witnessed a 25-percent growth.
An analysis of 170 companies with an equity capital of more than 400 million yuan each disclosed that their average net profit increased 12 percent in the first six months.
Despite the improved performance in general term, 119 listed companies reported losses in the first half of the year, accounting for 11.56 percent of the total number of listed firms, compared to 9.67 percent during the same period last year.
Up to the end of August, listed companies raised 67 billion yuan from the market through initial public offerings (IPOs), placement of new shares and new issues.
A majority of the IPOs were in the field of chemicals, new materials, infrastructure and information industries, while a bulk of the funds from placement and new issues went to the upgrading of traditional industries or high-tech departments such as information technology, bioengineering, environmental protection and new materials.
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