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Business trends

'Made in China 2025' companies slump as subsidies taper

Surge in wages and excess capacity hurt Foxconn unit and display maker BOE

People visit the BOE Technology Group stand during the 1st Digital China Summit in Fuzhou, China. The panel maker used subsidies to expand production capacity. (Getty Images)

SHANGHAI/GUANGZHOU/TAIPEI -- Tech companies listed in China have slumped, unable to leverage Beijing's push to modernize its industrial sector as cheap labor and government subsidies in the targeted fields begin to dry up.

Foxconn Industrial Internet's net profit for the January-June half was nearly flat, while Contemporary Amperex Technology Ltd. and BOE Technology Group -- the world's largest producers of automotive batteries and liquid crystal displays -- reported sharply lower profit.

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