Photo taken on July 22, 2019 shows the debut ceremony of China's sci-tech innovation board (STAR market) at the Shanghai Stock Exchange in Shanghai, east China. (Xinhua/Fang Zhe)
BEIJING, July 5 (Xinhua) -- Nearly 60 percent of China's STAR market firms that have released performance forecasts are expecting net profit growth in the first half of this year, the China Securities Journal reported on Monday.
Up to 80 companies listed on the STAR market, China's Nasdaq-style sci-tech innovation board, had released their first-half forecasts by Saturday, and 46 of them had predicted net profit growth, said the report.
A total of 21 out of the 46 companies estimated their net profits would have at least doubled in the first half of the year. These companies were mainly in the pharmaceutical, biological and electronic information industries.
In addition to growth and profits, investors are also concerned about the impact of the shortages and rising prices of raw materials on company businesses, the newspaper noted, adding that 181 STAR market firms were surveyed three times on average regarding this issue in the second quarter of this year.
Companies have stepped up efforts to maintain strategic stocks of key raw materials while searching for alternatives and attempting to reduce costs and increase efficiency. Some companies have also changed their production capacity plans to better suit supply and demand, the report said.
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