China’s tech push fuels fastest profit growth in 4 years amid signs of economic divide
AI demand and local chip substitution spark boom for tech firms, leaving traditional industries far behind
Profit for firms on the chip-heavy Star Market under the Shanghai Stock Exchange surged more than fourfold from a year earlier in the six months to June, while those on the similarly structured ChiNext board in Shenzhen rose 33 per cent, according to a report by the China Association for Public Companies.
That outpaced the 19.5 per cent increase for all 5,557 mainland China-listed companies, marking the fastest growth since 2022. The interim earnings season wrapped up on Tuesday.
“Technology and high-end manufacturing are becoming the new engines of economic growth in China,” said Zhang Qiyao, analyst at Industrial Securities.
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