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Chinese companies swim in red ink amid oversupply woes

China Ocean Shipping logged a 2.3 billion yuan net loss due to excess capacity in the marine freight industry.

SHANGHAI -- A record number of listed Chinese companies bled red ink over the six months ended June 30 as oversupply issues persisted in the manufacturing sector and the government's frugality order hurt sales of luxury goods.

     Out of 2,556 companies listed in Shanghai and Shenzhen, 366, or about 14%, logged net losses. The manufacturing sector, including steel and nonferrous metals, accounted for the largest share with 247. Falling housing prices hit the real estate business hard, and 26 companies in the sector posted losses.

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