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Another home appliance manufacturer Shenzhen-based Konka Group Co Ltd said its gross margins from TVs and white goods, which include air conditioners and refrigerators, witnessed a decline in the first quarter due to the price rises of raw materials.

Another winner, Xu Gang, author of the popular science book Empire of the Stars, said: "Western signs of the zodiac are popular in China. People sometimes forget that we have our own ancient astronomy."

Apart from financial and market management measures, SOEs should remove their low-efficiency assets, reduce costs and increase profits, which can defuse their liabilities and reduce debt, said Zhou Jianqi, a researcher at the Development Research Center of the State Council.

Ant Group, a Chinese financial technology company which manages the mobile payment service Alipay, seeks to pass the HKEX hearing for its IPO as soon as next Tuesday, and is expected to float on the Shanghai and Hong Kong bourses by late October, according to Hong Kong Economic Times (HKET).

Another win was a big investment in the state's paper industry - St. Croix Tissue in Baileyville got 0 million from International Grand Investment Corp, the US branch of a Chinese investment firm.