Huacan Optoelectronics announced on the evening of December 26 that the company recently received the documents of Zhejiang Yiwu Industrial Park Management Committee's “Reply on the Distribution of Huacan Optoelectronics Co., Ltd. Industrial Development Grant†(Yiyuan Guan [2016] No. 39), agreeing Disbursed Huacan Optoelectronics Co., Ltd. in the fourth quarter of 2016, the industrial development subsidy fund of 37.5 million yuan.
According to relevant regulations, the subsidy will be recognized as non-operating income in the fourth quarter of 2016 and will be subject to corporate income tax at a rate of 15%. It is expected to increase the company's 2016 net profit by RMB 31,870,500; the company's wholly-owned subsidiary, Lanjing Technology (Yiwu) Co., Ltd. recently received the documents of Zhejiang Yiwu Industrial Park Management Committee's "Reply on the Payment of Blue Crystal Technology (Yiwu) Co., Ltd. Industrial Development Subsidy" (Yiyuan Guan [2016] No. 40), and agreed to pay for Blue Crystal Technology (Yiwu) In the fourth quarter of 2016, the company's industrial development subsidy fund was RMB 12.5 million.
According to relevant regulations, the subsidy will be recognized as non-operating income in the fourth quarter of 2016 and will be subject to corporate income tax at a rate of 25%. It is expected to increase the company's 2016 net profit by RMB 937.50 million.
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