Chinese SMEs post 26.3% rise in net profits last year

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April 10, 2017

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Chinese SMEs post 26.3% rise in net profits last year

Source: Xinhua | 00:01 UTC+8 April 10, 2017 |

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CHINA’S small and medium-sized enterprises saw rising net profits for 2016, despite slowing growth in the world’s second-largest economy.

Average net profit of 1,598 SMEs listed on the National Equities Exchange and Quotations hit 21.05 million yuan (US$3 million) last year, up 26.29 percent year on year.

The SMEs, which delivered their annual reports at the end of March, posted an average annual business revenue of 212 million yuan in 2016, up 25 percent, according to NEEQ.

Total assets of each company averaged 464 million yuan at the end of 2016, up 23.9 percent year on year.

SMEs ramped up their spending on research and development, which climbed 8.25 percent to 11.58 billion yuan in 2016, with strategic emerging industries investing a total 4.03 billion yuan, up 58.59 percent year on year.

NEEQ, also known as the New Third Board, was launched in Beijing in late 2012 to supplement the main Shanghai and Shenzhen bourses. It is seen as an easy financing channel for small businesses with low costs and simple listing procedures.

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Chinese SMEs post 26.3% rise in net profits last year

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