The Chinese Yuan (RMB) is worth 16 cents US.
How have these 15 largest Chinese Companies filing their audited financial statements with the US SEC recovered from the 2008-9 worldwide financial meltdown? Not well at all. The Total Audited Earnings of these 15 Companies totaled RMB 238.866 bil for the most recent 2014, which was down 20% from the RMB 298.937 bil earned in 2007, the year before the world financial meltdown occurred.
So, what about more recently? Also, not good. These 15 very large Chinese Companies generated 2014 Total Audited Earnings which were also 20% below that earned in 2013.
Fourteen of these 15 Chinese Companies were audited by one or more of the very prestigious Big 4 CPA firms. The other one was audited by Grant Thornton, a very large prestigious CPA firm. And all 15 Chinese Companies used either US GAAP or IFRS GAAP for their financial statement reporting, both of which are the gold standards in financial reporting. In other words, this Chinese reporting of key economic data is very reliable.
I excluded the 1 large Chinese Utility Company reporting with the US SEC.
Below here are the reported Audited Earnings (Losses) for each of these 15 very large Chinese Companies for all years reported from 2007 through 2014, presented by Market Cap:
|China Largest Companies||City||Recent||Net||Net||Net||Net||Net||Net||Net||Net|
|Filing With US Sec||HQs||FYE||Profit||Profit||Profit||Profit||Profit||Profit||Profit||Profit|
|RMB mils||RMB mils||RMB mils||RMB mils||RMB mils||RMB mils||RMB mils||RMB mils|
|PetroChina Co Ltd||Beijing||Dec14||119,028||142,274||130,620||145,959||150,792||106,559||126,802||155,337|
|Alibaba Group Holding Ltd||Hangzhou||Mar15||24,320||23,403||8,649||4,665||1,608||(503)||1,155||929|
|China Life Insurance Co Ltd||Beijing||Dec14||32,514||25,008||11,272||18,491||33,811||33,036||19,274||39,060|
|China Petroleum & Chemical Corp||Beijing||Dec14||46,466||66,132||63,879||73,225||71,782||63,129||31,180||56,150|
|China Telecom Corporation Limited||Beijing||Dec14||17,680||17,545||14,949||16,494||15,309||13,934||274||25,728|
|China Eastern Airlines Corp Ltd||Shanghai||Dec14||3,410||2,373||3,072||4,661||5,056||280||(15,269)||379|
|China Southern Airlines Co Ltd||Guangzhou||Dec14||2,398||2,750||3,784||6,090||6,412||524||(4,789)||2,032|
|Aluminum Corp of China Limited||Beijing||Dec14||(17,049)||544||(7,456)||990||1,323||(3,678)||169||12,123|
|Ctrip.com International Ltd||Shanghai||Dec14||92||906||691||1,085||1,052||667||444||398|
|Sinopec Shanghai Petrochemical Co||Shanghai||Dec14||(676)||2,066||(1,505)||987||2,794||1,653||(6,204)||1,680|
|Yanzhou Coal Mining Co Ltd||Jining, Shandong||Dec14||487||(186)||6,034||8,793||9,306||4,133||6,480||3,228|
|Qunar Cayman Islands Ltd||Beijing||Dec14||(1,847)||(187)||(91)||(46)||(4)|
|Total all 15||238,866||297,379||246,147||289,953||304,586||222,953||162,161||298,937|
|Earnings % Decline:|
|….. 2014 Below 2013||-20%|
|….. 2014 Below 2007||-20%|
I want to turn my attention now to the Chinese Companies filing with the SEC with Stock Market Caps below US$4 bil. It'll take some time since it is just incredible how many of these that there are.