PRESS DIGEST -China - May 5
May 5 (Reuters) - Chinese newspapers available in Beijing and Shanghai carried the following stories on Monday. Reuters has not checked the stories and does not vouch for their accuracy.
SHANGHAI SECURITIES NEWS
- Combined first-quarter profit of 2,534 listed companies was up 8.08 percent from the same quarter last year, data compiled by the newspaper showed. The figure was down from 10.7 percent in the first quarter of last year. Meanwhile, revenue was down 13.44 percent in the first three months of the year compared with the same period last year.
- The China Insurance Regulatory Commission has published draft rules that would classify insurers' assets into five categories based on risk levels.
- China's eastern province of Jiangsu is discussing whether the current business model of market making in precious metals should be banned.
- Total assets of China's fund industry exceeded 6 trillion yuan ($958.57 billion) in the first quarter.
- Anti-narcotics officers uncovered 1,491 transnational drug smuggling cases last year, an increase of 14.5 percent from the previous year, with most suspects caught in the southern provinces of Guangdong and Yunnan, the police ministry said. ($1 = 6.2593 Chinese Yuan) (Reporting by the Shanghai Newsroom; Editing by Subhranshu Sahu)