Shanghai's top-performing companies tend to outshine those in Shenzhen, although Shenzhen does better on average, a ranking of top-10 listed companies shows. The ranking, by earnings-per-share and return on net assets - based on 1996 interim results - showed more top slots went to Shanghai-listed companies. Refrigerator giant Jiangsu Chunlan Refrigerating Equipment had the highest earnings per share of 1.26 yuan (about HK$1.17), while television king Sichuan Changhong Electric was second, with 1.10 yuan. The two Shanghai-listed companies consistently outperformed others, despite a fierce battle among home appliance manufacturers for a bigger slice of the market. Although Shenzhen companies took half of the top 10 positions, they were mostly in the lower slots. Changchun Northern ranked third, Shenzhen Kaifa Technology sixth, Anhui Gujing Distillery (B share) seventh, Wuxi Little Swan (B share) eighth, and Konka Group 10th. Based on return on net assets - an indicator of how efficiently shareholders' money is used - Shanghai again outdid Shenzhen. Led by Eastern Communications (B share) with a return of 35.68 per cent, Shanghai companies took seven of 10 spots. Three Shenzhen-listed companies made it to the ranking. They were Changchun Northern, Kaifa Technology, and Gujing Distillery. Overall, the Shenzhen companies performed marginally better. Average earnings per share of the 181 Shenzhen-listed companies was 0.145 yuan, against 0.142 yuan for 252 Shanghai companies. Shanghai Finance Securities analyst Guo Tao said: 'Shenzhen did better overall because it has more light industrial stocks, which were less susceptible to the macro-economic tightening policies.' China has relaxed credit by cutting interest rates twice this year - on May 1 and August 23 - to stimulate the economy. Both exchanges saw a rise in money-losing companies - from six to 11 companies in Shanghai, and 11 to 15 for Shenzhen. These were mostly industrial companies hit by falling prices for their products while paying more for raw materials. Shenyin & Wanguo Securities analyst He Yong said: 'Overall, operating income of the companies had gone up. But profit dropped because of higher raw material costs and lower sale price of their products.' Mr Guo said these companies were unlikely to benefit immediately from the two interest rate cuts.