China's economy hammered but Covid testing firms post record profits - Hong Kong News
by Maria Thomas | Updated Sep 07, 2022
Twelve of China's top Covid testing firms recently posted huge increases in both revenues and net profits for the first half of this year, CNN reported.
Andon Health, which supplies Covid test kits both at home and abroad, reported that its net profit skyrocketed by 27,728 per cent in the first six months of 2022, reaching 15.24 billion yuan ($2.2 billion). It was the biggest increase recorded by any listed company in mainland China, CNN reported.
Meanwhile, its revenue surged 3,989 per cent.
The company benefits not only from China's aggressive testing campaign at home, but also from huge demand in the United States, as its iHealth Lab had recently won US government contracts for supplying rapid antigen test kits.
Assure Tech, a Hangzhou-based diagnostic firm, also posted 1,324 per cent increase in net income because of strong demand in the global Covid testing market.
Other testing firms recorded net profit increases from 55 per cent to 376 per cent for the first six months of the year.
Endless Covid testings, back-and-forth government-enforced lockdowns, and border restrictions have wreaked havoc on China's economy. Its GDP grew only 0.4 per cent in the second quarter, the slowest pace in more than two years, CNN reported.
Major investment banks have slashed their full-year growth forecasts for China to 3 per cent or under, sharply lower than the 5.5 per cent official target set by the government earlier this year.
Chinese companies have also suffered one of their worst earnings recessions on record. More than half of the 4,800 companies listed in Shanghai, Shenzhen and Beijing posted a decline in net profit for the first half of the year - almost as bad as early 2020, when most companies posted their worst earnings season ever, CNN reported.
But the diagnostic firms are one of the biggest moneymakers during the pandemic, benefiting from enormous demand for testing as Beijing sticks with its zero-Covid policy that involves forced quarantines, mass mandatory testings, and snap lockdowns.
From the beginning of the pandemic through April 2022, 11.5 billion tests had been conducted in China, according to the government, CNN reported.
September 07, 2022 Other Hong Kong
- Apple CEO Tim Cook pledges aid to quake-hit China
- __ Valley: puzzle game with optical illusions Crossword Clue LA Times
- Yin and __ Crossword Clue LA Times
- Winter Olympics racer Crossword Clue LA Times
- West __: high-end design retailer Crossword Clue LA Times
- Truism Crossword Clue LA Times
- Toepick-assisted skating leaps Crossword Clue LA Times
- Tiny bit Crossword Clue LA Times
- Temporary castle material Crossword Clue LA Times
- Subway to the Louvre Crossword Clue LA Times
- Speaker's platform Crossword Clue LA Times
- Spanish lake Crossword Clue LA Times
- Some ceiling fixtures Crossword Clue LA Times
- Smooching Crossword Clue LA Times
- Sine __ non: essential Crossword Clue LA Times
- Shoe inserts Crossword Clue LA Times
- Seller's caveat Crossword Clue LA Times
- Scrape cover Crossword Clue LA Times
- Saunters Crossword Clue LA Times
- Sail support Crossword Clue LA Times
- Runs or walks, e.g Crossword Clue LA Times
- River transport Crossword Clue LA Times
- River mouth formations Crossword Clue LA Times
- Red planet Crossword Clue LA Times
- Raw metals Crossword Clue LA Times
- Raven's retreat Crossword Clue LA Times
- Queries Crossword Clue LA Times
- Quechua speaker Crossword Clue LA Times
- Post-swim wrap Crossword Clue LA Times
- Picks up on Crossword Clue LA Times
- Pernod flavor Crossword Clue LA Times
- One and only Crossword Clue LA Times
- Nancy Drew, e.g Crossword Clue LA Times
- Mystery writers' award Crossword Clue LA Times
- More gloomy Crossword Clue LA Times
- Meteor follower Crossword Clue LA Times
- Meat cut Crossword Clue LA Times
- Many godmothers Crossword Clue LA Times
- Many an Omani Crossword Clue LA Times
- Like draft beer Crossword Clue LA Times
- Legendary Crossword Clue LA Times
- Keyboard symbol above 6 Crossword Clue LA Times
- Kennel club designation Crossword Clue LA Times
- Jessica of Cocoon Crossword Clue LA Times
- In need of a 58-Across Crossword Clue LA Times
- Help desk pros Crossword Clue LA Times
- Go out, as the tide Crossword Clue LA Times
- Genealogy diagram Crossword Clue LA Times
- Gen __ Crossword Clue LA Times
- Fuss at the mirror Crossword Clue LA Times
- Fox Sports MLB reporter Rosenthal Crossword Clue LA Times
- Food thickener Crossword Clue LA Times
- Favorite vegetable side dish of singer Donna? Crossword Clue LA Times
- Favorite leafy course of singer Al? Crossword Clue LA Times
- Favorite fruity dessert of singer Fiona? Crossword Clue LA Times
- Favorite fish entree of singer Carole? Crossword Clue LA Times
- Family boy Crossword Clue LA Times
- Due-in hr Crossword Clue LA Times
- Decide (to) Crossword Clue LA Times
- Debuts Crossword Clue LA Times
- Cut (off) Crossword Clue LA Times
- Curling __ Crossword Clue LA Times
- Criminal group Crossword Clue LA Times
- Crayola eight-pack choice Crossword Clue LA Times
- Contract negotiator Crossword Clue LA Times
- Connect with Crossword Clue LA Times
- Concert piece Crossword Clue LA Times
- Cold coat Crossword Clue LA Times
- Closes with force Crossword Clue LA Times
- Cheap wine, in British slang Crossword Clue LA Times
- Chaney of classic horror Crossword Clue LA Times
- Candy bar nut Crossword Clue LA Times
- Bub Crossword Clue LA Times
- Birthstone after opal Crossword Clue LA Times
- Big __ Conference: NCAA division that includes Montana Crossword Clue LA Times
- Artificially high voice Crossword Clue LA Times
- Affirmative vote Crossword Clue LA Times
- Okey-dokey Crossword Clue LA Times
- Mayans M.C. star Edward James __ Crossword Clue LA Times
Related Articles
- Gervonta Davis Ethnicity, What is Gervonta Davis's Ethnicity?
- Emma Myers Religion What Religion is Emma Myers? Is Emma Myers a Christian?
- Jamie Walters Net Worth in 2023 How Rich Is He Now?
- Remy Ma Religion What Religion is Remy Ma? Is Remy Ma a Christian?
- Clelin Ferrell Net Worth in 2023 How Rich Is He Now?
- Ray-Ray McCloud III Net Worth in 2023 How Rich Is He Now?
- Ivanna Sakhno Religion What Religion is Ivanna Sakhno? Is Ivanna Sakhno a Christian?
- Kurt Angle Religion What Religion is Kurt Angle? Is Kurt Angle a Christian?
- Danielle Jonas Religion What Religion is Danielle Jonas? Is Danielle Jonas a Christianity?
- Jann Wenner Net Worth in 2023 How Rich Is He Now?