[SeekAndFind]

Just read these paragraphs from the article ( my emphasis BOLDED )

The banking sector dominated the Chinese companies on the list, making up 47.5 per cent of all the Chinese companies’ profits combined. The “big four” state-owned banks, including ICBC, dominated the Chinese companies on the list.

The contribution of also rose, with SOEs representing 80.2 per cent of Chinese companies on the list, up for 76.3 per cent last year. The share of private companies fell to 19.8 per cent in 2019 from 23.7 last year, according to a calculation by the South China Morning Post based on the list. This calculation excludes companies from Hong Kong and Taiwan.

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Next, let's talk about PROFITABILITY...

Chinese companies, however, underperformed when it came to profitability. They recorded, on average, net margins of 5.3 per cent, lagging behind the 7.7 per cent recorded by US companies, as well as the global average of 6.6 per cent. Their average net returns on equity stood at 9.9 per cent, behind US firms’ 15 per cent and the global average of 12.1 per cent.

[bert]

In my mind, lurking in the background, not so visable are the untold numbers of medium and small companies owned and run by Chicaps.

In the long run, Chicaps are ascendent