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Analysts said this a reflection of the overall weakening economy, but profit growth of those firms may gradually pick up starting from the second quarter as the country's supportive policies take effect.

An ownership shake-up in Zhuhai, Guangdong province-based Chinese appliances giant Gree Electric Appliances Inc will not only boost its market competitiveness, but help it to effectively diversify operations in the future, an industry expert said on Tuesday.

Andreas Liebheit, president of Heraeus Photovoltaics. [Photo/heraeus.com]

Analysts have also warned that a Huawei ban would have a significant impact on the British economy. Huawei is a leading supplier of global network infrastructure, and a recent report from London-based technology analysts Assembly Research estimated that a ban on Huawei would delay the 5G rollout in Britain by up to two years and cost the economy up to 6.8 billion pounds (.8 billion).

An unidentified analyst with a Shanghai broker said since 2014, online education companies have been "hot cakes", valuations of which were pushed higher by investors who just wanted to grab a slice of this sector, but in 2016, investors turned more cautious.