Stock Track | Shanghai Electric's Shares Soar on Upbeat Q3 Revenue Growth

Stock Track10-31

Shares of Shanghai Electric Group Co. Ltd. surged as much as 10% in Shanghai and over 5% in Hong Kong trading on Wednesday, following the release of the company's third-quarter financial results.

Despite a 32% year-over-year drop in net profit attributable to shareholders, Shanghai Electric reported a 5.7% increase in revenue for the quarter to 26.5 billion yuan. This top-line growth was seen as a positive sign by investors, indicating resilient business operations amid challenging economic conditions.

While the decline in net profit was disappointing, analysts suggest investors may have been bracing for worse results given the current market environment. The better-than-expected revenue performance likely exceeded low expectations and buoyed sentiment towards the Chinese power generation and electrical equipment manufacturer.

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