Chinese listed companies have delivered strong stock returns over the past year even as net profits grew by only about 1 per cent, suggesting the gains were driven more by higher valuations than corporate earnings, according to a quarterly investor survey released by the Cheung Kong Graduate School of Business (CKGSB).Net profit growth turned positive at about 1 per cent on a trailing 12-month basis to the first quarter of 2026, while price-to-earnings ratios rose 31.2 per cent, the survey...