Chinese companies are jettisoning core businesses and reinventing themselves as tech companies — and watching their share prices rise as they substitute gaming for the likes of coal and wood flooring.
Corporate reincarnations mirror structural shifts in the broader economy, with slower growth denting industries such as manufacturing and real estate.
Newly-minted tech companies also feed into the euphoria which has propelled the Shanghai Composite index up 115 per cent in the last year — even as the economy decelerated and industrial profits, a gauge of health in the manufacturing sector, fell by 2.7 per cent in the first quarter.
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