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New energy vehicles help drive profits

Shares related to new energy vehicles, the IT, software and nonferrous metals sectors, were the best performers in net profit growth last year among China's listed companies. A total of 1,489 Chinese listed companies had released preliminary earnings reports as of Sunday and about 72 percent of them showed a net profit increase last year, China Securities Journal reported on Monday. They registered combined revenue of 5.82 trillion yuan ($844 billion) in 2016, up 18.76 percent year-on-year. However, their combined net profits grew at a slower rate of 11.54 percent to 656.5 billion yuan. New energy vehicle sales rose 30.3 percent year-on-year in February, data from the China Association of Automobile Manufacturers showed.