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Listed SMEs report rising profit

(Xinhua)
Updated: 2007-03-01 13:38

China's listed small-and medium-sized enterprises (SMEs) have reported robust profits, according to business reports published on Wednesday.

The 116 SMEs listed on the Shenzhen Stock Market registered a total business revenue of 1.06 billion yuan (US$13.25 million) in 2006, edging up by 30.13 percent year-on-year. They net a combined profits of 60.33 million yuan, up 25.13.

Preliminary statistics show that the return on per SMEs share was 0.43 yuan.

Of the 116 SMEs, 104 reported growth in business revenue, 33 of which posted a rise of over 30 percent. Ninety firms reported rise in their net profits, 37 of which posted a rise of more than 30 percent.

The net profits of nine SMEs including the Ningbao Huaxiang Electronic Co Ltd. and Sangang Minguang Co Ltd moved up by more than 100 percent year-on-year. The Qianyuan Power Co Ltd was the only listed SME which reports losses last year.

Approved by the China Securities Regulatory Commission, the Shenzhen Stock Exchange opened its SME board in 2004.

The small-and medium-sized enterprises mushroomed after China carried out economic reforms and opening up policies in 1978. More than 90 percent of China's 420 million SMEs depend on banks to ease capital shortages.

Chinese shares slumped sharply with the benchmark Shanghai Composite Index plunged 8.84 percent to close at 2,771.79 points, the biggest daily drop in 10 years.

However, Chinese shares bounced back on Wednesday, as the major index gained 3.94 percent. The benchmark Shanghai Composite Index surged 3.94 percent, or 109 points, to close at 2,881.07 points. The component index of the smaller Shenzhen Stock Exchange jumped 3.19 percent, or 248 points, to end at 8,039.70 points.