11/01/2019 | News release | Distributed by Public on 10/31/2019 17:11
SHANGHAI - Firms listed on China's sci-tech innovation board (STAR) generally reported rising revenue and net profit in the first three quarters of this year, the Shanghai Stock Exchange (SSE) said Oct 31.
Total revenue of the 40 firms grew 14 percent year-on-year during the period to reach 69.12 billion yuan (about $9.82 billion).
Their total net profit came in at 8.58 billion yuan, surging 40 percent over one year ago.
About 90 percent reported revenue growth, while some 80 percent achieved an increase in net profit.
The sci-tech innovation board, which started trading on July 22, is the country's latest capital market reform and innovation move. It is designed to focus on companies in the high-tech and strategic emerging sectors, with less strict listing criteria but higher requirements for information disclosure.
Integrated circuits, biomedicine, rail transit, new energy, and other key industries were the main drivers of the STAR market firms' growth during the period.
The 40 listed firms posted an average of 13 percent in the ratio of research and development spending to revenue, with some companies' share at over 30 percent, SSE data showed.