Companies listed on China's Nasdaq-style sci-tech innovation board, known as the STAR Market, reported staggering profit growth for 2021 and the first quarter of the year.

 

Despite multiple challenges, the companies saw their combined net profits soar 75.89 percent year on year in 2021, and surge 62.42 percent in the first three months.

 

Combined revenues jumped 36.86 percent from a year ago in 2021, and climbed 45.6 percent in the first quarter.

 

Listed companies in biomedicine, new chemical materials and new energy sectors performed more strongly than others in the first quarter, said Wang Jun, an analyst with the BOC International (China) Co., Ltd.

 

China launched the STAR Market on July 22, 2019, kicking off a trailblazing leg of the country's innovation drive and capital market reform.