Qualified Foreign Institutional Investors (QFII) have increased their holdings of seven Chinese companies, the Securities Times reported on Wednesday.
Four of the seven companies are newcomers to the investment basket of the QFII. They are Beijing Yuanlong Yato Culture Dissemination Co. Ltd., Chongqing Pharscin Pharmaceutical Co. Ltd. , Beijing Lirr High Temperature Materials Co. Ltd. and Jinduicheng Molybdenum Group Co. Ltd.
Apart from Lanfeng Biochemical Co. Ltd., the other six companies all reported increasing net profits in this quarter, among which Jinduicheng Molybdenum Group Co. Ltd., China Merchants Shekou Holdings and Beijing Lirr unveiled 100-percent increase in net profits in the third quarter.
Yuanlong Yato came in as the number one target for the QFII and the company announced 67.53 million yuan (9.73 million U.S. dollars) in net profits for the first three quarters, up by 31.14 percent year on year.
There were 433 companies listed on the Shanghai and Shenzhen stock markets releasing their third-quarter financial reports.
Shanxi Coking Co. Ltd. topped the list regarding profits growth. It saw a 2,376.51 percent increase in its net profits to end at 1.28 billion yuan (0.18 billion U.S. dollars) for the first three quarters.
It said the government’s environmental protection rules are less likely to influence the companies’ last quarter profitability as the winter heating services are underway.
Yantai Zhenghai Magnetic Material Co. Ltd. in the non-ferrous metals sector also saw a 1,543.8-percent surge in its net profits. The company said the increase is attributed to the sales increase in New Energy Vehicles (NEVs), environment-friendly air conditioners business, among others.
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