BEIJING — China’s listed companies are happy with their performance in the first half of the year, as the economy grew beyond expectations.
So far, 2,141 companies listed on the country’s two stock exchanges have released midyear performance estimates, and 54 percent of them expect profit growth, according to Securities Times.
Some 392 companies, or 18 percent of the total, expect net profits to at least double, while another 114 loss-making firms forecast turnarounds.
China’s economy expanded steadily in the first half of 2018 as restructuring provided resilience and impetus against trade frictions.
GDP expanded 6.8 percent year on year in the first half of 2018, surpassing the government’s annual growth target of around 6.5 percent.
Chinese shares saw strong rebounds on July 20, with the bench mark Shanghai Composite Index rising 2.05 percent to close at 2,829.27 points. The Shenzhen Component Index closed 1.12 percent higher at 9,251.48 points.