Shanghai's local SOEs see growing assets in 2022

Photo taken on April 11, 2022 shows a view of Pudong New Area in east China's Shanghai. (Xinhua/Chen Jianli)

SHANGHAI, Feb. 7 (Xinhua) -- The total assets of Shanghai's local state-owned enterprises (SOEs) reached 27.59 trillion yuan (about 4 trillion U.S. dollars) by the end of 2022, up 5.24 percent year on year, local authorities said on Tuesday.

Local SOEs in Shanghai achieved operating revenue of 3.79 trillion yuan and a total profit of over 252.25 billion yuan in 2022, the Shanghai State-owned Assets Supervision and Administration Commission said at a conference.

"In 2022, Shanghai's local SOEs increased their presence in key industries such as integrated circuits, biomedicine and artificial intelligence, and invested nearly 100 billion yuan in strategic emerging industries," said Bai Tinghui, director of the commission.

By the end of 2022, the number of listed companies controlled by local SOEs in Shanghai was 96, with a total market value of 2.34 trillion yuan.