HC SemiTek Granted RMB 27.6M Industry Development Subsidy

HC SemiTek Corporation announced on July 1, 2014, that its wholly-owned subsidy HC SemiTek (Suzhou) has been granted an industry development subsidy of RMB 27.50 (US $4.4 million) by the Administrative Commission of Zhangjiagang Economic Technology Development Zone.

The subsidy will be recognized as non-operative revenue in 2Q14 and will be subject to 25 percent payable business income tax, in accordance with related regulations of corporate accounting. The subsidy is estimated to boost HC SemiTek’s net profit in 2014 by RBM 20.63 million.

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