BEIJING - Listed Chinese Internet companies reported surging revenues in the second quarter,raising hopes for a renewal of global investors' confidence in China-concept stocks, accordingto a latest report by a consulting agency.
A total of 37 major listed Chinese Internet companies saw their combined revenues up 38.7percent year-on-year in the second quarter, China Securities Journal quoted the Beijing-basedChina Venture as saying in its report.
That was a higher growth than the 36.7 percent level in 2010, said the report.
Among those companies, revenues of online video-sharing companies jumped 118.4 percentyear-on-year, followed by a 68.6 percent gain by social networking websites.
Expanding income has fueled venture capital and private equity investment in the sector, with arecord high of US$3.49 billion raised in the second quarter, said China Venture.
The figures came after a wave of heavy short-selling of China-concept stocks on the Americanstock market in the second quarter.
While the US stock market used to be a major destination for initial public offerings (IPOs) ofChinese firms, the number of IPOs by Chinese companies there was down to zero in July.
If Chinese Internet companies continue to post robust results in the third quarter, investors'enthusiasm may be boosted again and listing of Chinese Internet firms on the US stock marketis likely to resume in the fourth quarter, said China Venture in its report.
In the second quarter, net profits by listed Chinese Internet enterprises slowed slightly to a 34.6percent year-on-year growth, compared with 36.2 percent last year, according to the report.
China has the world's largest Internet user population, with 485 million Internet users at the endof June.
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