(Yicai Global) March 1 -- Profits reported by the companies traded on Shanghai’s Nasdaq-like Star Market stood at more than CNY100 billion (USD14.5 billion) for the first time last year.

Combined net profits at the 507 firms listed on the Shanghai Stock Exchange Science and Technology Innovation Board rose 8 percent to CNY114.4 billion in 2022 from the year before. New energy companies had net profits of CNY32.7 billion (USD4.8 billion), a 126 percent surge.

Operating revenues jumped 29 percent to CNY1.2 trillion (USD173.6 billion), surpassing CNY1 trillion (USD145.1 billion) for the first time. New energy firms saw income soar 66 percent to CNY285.4 billion.

More than 80 percent of the listed businesses reported a profit for last year, and nearly half grew earnings from the year before, with net profit doubling at some 41. But 45 companies logged declines of more than 50 percent, while 73 swung into the red or saw their losses widen.

“Last year's high-quality development of Star Market-listed firms amid complicated and varying internal and external situations indicates that Chinese scientific and technological innovation companies are vital and resilient,” an insider noted.

Operating revenue at the 50 largest firms by market capitalization and liquidity on the Star Market, represented by the SSE Star 50 index, jumped 43 percent to CNY600 billion in 2022, accounting for 50 percent of the total reported by all companies on the board. Net profit rose 36 percent to CNY68.6 billion, equal to 59 percent of the total.

Net profit at Shanghai Allist Pharmaceuticals, an innovation-oriented drug developer, soared six-fold making it the biggest gainer among Star Market-traded firms.

Editors: Shi Yi, Martin Kadiev