Profits at Chinese state-owned enterprises fell 11.6% in H1 to 1.02T yuan ($160B), the Ministry...

|By:, SA News Editor

Profits at Chinese state-owned enterprises fell 11.6% in H1 to 1.02T yuan ($160B), the Ministry of Finance said late yesterday. Private companies are likely to follow suit. Analysts warn investors should be bracing for a hard landing for Chinese stocks, with a big fall likely in H1 corporate profits and outright losses possible for companies in the materials sector (ETF: CHIM), including steel and petrochemical producers.