Income of 93 startups disappoints
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Net income for 93 startup firms listed on ChiNext, China's Nasdaq-style board, grew 26 percent in the first half from a year earlier, slower than the average growth of companies listed on the main boards.
The 93 companies which had published their first-half results as of Wednesday earned a combined 2.67 billion yuan (US$392.75 million) in the period, rising 26 percent from a year earlier, compared with a 42 percent profit increase for the Shanghai and Shenzhen main boards.
The 373 companies listed on the Shenzhen Small and Medium Enterprise Board which had released first-half earnings by Wednesday earned a combined 22 billion yuan in the first half, rising 42 percent from a year earlier.
On the main boards, 973 companies have reported a combined 334.81 billion yuan in profit, up 42 percent, according to Wind Information.
Among the 93 ChiNext companies, 20 companies decreased in net income in the period. Half their profits were contributed by bank interest on raised funds that haven't been used.
A total of 109 companies have raised a combined 72.56 billion yuan via their initial public offerings on ChiNext.
However, they have used only 64.81 billion yuan of the proceeds, and the rest is saved in banks which can generate about 1.3 billion yuan of interest annually for them.
