HC SemiTek Corporation’s Suzhou Arm Receives Government Grant US$ 8.88M

HC SemiTek Corporation announced that its subsidiary Suzhou HC SemiTek Corporation received a RMB 56.4 million (US $8.88 million) subsidy for 3Q15 development from committee of Zhangjiagang Economic and Technological Development Zone.

According to related regulation under “Government Subsidies in IAS 16–Property, Plant and Equipment”, the rebate is recognized as non-business income. The subsidy will add RMB 42.3 million (US $6.66 million) to the company’s net profit in 2015. The exact amount is subject to accounting review and result.

Suzhou HC SemiTek Corporation will release further notices as soon as the company receive the subsidy.

(Translator: Emma Chang, Editor, LEDinside)

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