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And the competition in the industry is getting more harsh, with growing uncertainties involving changing global policies, shifting customer preferences and emerging new technologies, according to Zhu.

Analysts attribute the profit growth to the bullish A-share market in March. According to Bloomberg, average daily stock turnover of the market hit 887 billion yuan in March, or 50 percent higher than in February, driving brokerage revenue up.

Angot said an incubator helped him and his co-founders apply for and obtain entrepreneur visas.

Andy Rubin. (Essential Photo)

Analysts said that deepening legal and administrative reform, transforming the roles of the government in economic activities and creating a level playing field and a transparent business environment hold far-reaching significance as the country's economic expansion decelerates and the economy undergoes a long-term transition toward an innovation- and consumption-driven growth model.