Listed companies in ChiNext, China's Nasdaq-style board, posted robust performance in 2019 thanks to financial incentives, with above 60 percent of them reporting profit growth, the Shanghai Securities News reported Monday.
As of Feb. 28, a total of 783 listed firms released their 2019 annual performance reports, with 489 seeing year-on-year profit growth, the newspaper said.
Among these firms, a total of 122 companies reported their annual net profits doubled while 193 firms showed their net profit growth rate exceeding 50 percent. Some 51 listed-companies saw their net profits top 500 million yuan (about 72 million U.S. dollars), seven more than the previous year.
The average business revenue of ChiNext-listed companies registered a 13-percent annual growth, standing at 2 billion yuan, and the average net profit totaled 86.46 million yuan, surging by 55 percent year on year.
The steady increases in net profit of the listed companies were mainly attributed to the continued efforts in cutting taxes and fees, according to the newspaper.
Companies in sectors of electrical equipment, automobile, electronics, public utilities posted remarkable profit growth, while those in chemical and mechanical equipment sectors saw a decline in the past year.