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Another key development will be to build advanced steel making factories overseas although the company has yet to reveal the global locations or time frames for the projects.

Another important factor influencing the future performance of A-shares market is the high value of nearly all global stock markets, and many stocks have been significantly overbought, Sjuggerud noted.

Anti-government protests continued despite the SAR government officially withdrawing the extradition bill. The past weekend saw radicals resorting to extreme acts of vandalism and assaulting people with different political views.

Another industry organization, the China Association of Automobile Manufacturers, had the same estimate. Its executive vice-president Fu Bingfeng told Reuters that the fall could reach 10 percent in the first half of the year.

Another protester added: "We're tired of not being able to buy what we need, go to the hairdresser, get our hair done, it's time to open up."