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And this is evident by the adverts placed on local dailies inviting entrepreneurs wishing to travel to the big city. The entrepreneurs are offered subsidized costs in hotel books and air ticket on a first come basis.

Analysts believe Chinese grid operators should conduct more efforts to transport supply across the country to avoid waste of power.

Analysts say that ESOPs have become the buyers because they can absorb large amounts of stock, and purchases by ESOPs are often seen as a positive indicator of a company's prospects.

An official with the department, who declined to be named, said there is an urgency to introduce more measures this year amid rising uncertainties of global economy and rising costs for production, the latter of which is posing greater challenges for China's traditional heavy industries.

Analysts were expecting earnings of .50 per share and revenue of .90 billion, according to IBES estimate from Refinitiv. It was not immediately clear if the reported numbers were comparable with the estimate.