Chinese profits rose 25.7%. The CSI 300 fell 9% and the Star 50 fell 29%
Profits at onshore-listed Chinese companies rose 25.7% in the three months to June, the fastest in nearly five years and heavily concentrated in AI-linked firms. The CSI 300 has fallen about 9% this quarter and the tech-heavy Star 50 has dropped 29%, as investors began treating AI spending as a cost rather than a promise.
Profits at onshore-listed Chinese companies rose 25.7% in the three months to June, the fastest pace in nearly five years. The CSI 300 Index has fallen about 9% this quarter, Bloomberg News reported.
The tech-heavy Star 50 Index has dropped 29% over the same period. Both had run hard in the quarter before, with the Star 50 up 76%.
The earnings were narrow. UBS Securities puts profit growth at 42% on the ChiNext board and 370% on the Star board, far ahead of the main board.
So the growth came from AI-linked companies, and the...
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