China's National Equities Exchange and Quotations. Photo: NEEQ

China’s National Equities Exchange and Quotations (NEEQ), known as the “New Third Board,” has recorded a turnover of about 72.93 billion yuan (about US$10.46 billion) in the first seven months of this year.

From July 27 to July 31, its turnover reached 11.83 billion yuan. As of last Friday, 8,509 companies were listed.

Launched in 2013, the NEEQ aims to offer small and medium-sized enterprises a new financing channel with low costs and simple listing procedures.

Export tax rebates

China granted export tax rebates or exemptions worth 812.8 billion yuan in the first half of the year to relieve the financial pressure on enterprises amid the Covid-19 pandemic.

Starting from March 20, China raised the export tax rebate rates for 1,464 items from 10% to 13%, or from 6% to 9%, according to the State Taxation Administration.

By the end of June, nearly 25,000 export firms benefited from the favorable policies.

China saw its foreign trade rise 5.1% year-on-year in June, with exports and imports up 4.3% and 6.2%, respectively, official data showed.

Bicycle manufacturing

China’s major bicycle manufacturers saw their profits surge 24.8% year-on-year in the first half of 2020, according to the Ministry of Industry and Information Technology (MIIT).

Bike makers with annual main-business revenue of more than 20 million yuan raked in 2.87 billion yuan in total profits from January to June. Their total revenue rose 4.1% from a year ago to 69.28 billion yuan.

During the same period, makers of electric bikes reported total revenue of 37.74 billion yuan, up 13.4% year-on-year, with their profits surging 31.6% to 1.67 billion yuan.

Battery makers

China’s major battery manufacturers reported lower profits and revenues during the first six months of this year, said MIIT.

Profits of major battery companies, which have annual business turnover of at least 20 million yuan, dropped 9% year-on-year to 12.48 billion yuan in the first half. Business revenues of major battery manufacturers decreased 10% from a year earlier, totaling 316.9 billion yuan.

During the period, output of lithium-ion batteries rose 1.3% to 7.15 billion units while output of primary battery and battery packs declined 0.7% to 17.82 billion units.

Cultural industry

China’s cultural industry reported improving revenues as the effects of Covid-19 gradually waned amid effective epidemic control in the country, according to the National Bureau of Statistics (NBS).

The sector’s combined revenue amounted to 4.02 trillion yuan (about US$575.5 billion) in the first six months, down 6.2% year-on-year, said the NBS. The decline narrowed from the 13.9% fall registered in the first quarter.

Sectors with emerging models led by “Internet Plus” cultural businesses saw revenue rise by 18.2% to 1.29 trillion yuan during the period.

The NBS tracks around 59,000 cultural companies across sectors, including cultural services and cultural manufacturing, with annual revenue of more than 20 million yuan or those meeting other standards listed by the NBS.

Company news

Anhui Jianghuai Automobile, or JAC Motors, reported a net loss in the first half as the Covid-19 epidemic dented sales. It said it suffered a net loss of 146 million yuan in the first six months of the year, compared with a profit of 125 million yuan in the same period last year.

During the period, JAC’s sales of cars and chassis fell 10.97% year-on-year to 209,400 units.

However, First Automotive Works Group saw a 108% year-on-year growth in the sales of its Hongqi brand cars in the first seven months.

The company sold more than 87,500 Hongqi cars during the period, which was attributed to the company’s expansion of sales channels both online and offline. In July alone, it sold more than 17,500 Hongqi sedans, up 99% year-on-year.

The story was written by Xu Jiangshan and Liu Licong and first published at ATimesCN.com. It was translated by Nadeem Xu.

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