Chinese LED manufacturer Silan Microelectronics (Silan) announced Thursday the company’s preliminary financial results for first half of 2016 plunged more than 60% year-on-year to RMB 64.42 million (US $9.66 million), reported Sinai.

Chinese LED manufacturers San’an Opto and Silan Microelectronics both announced receiving massive subsidies from the local government recently.

Chinese LED manufacturer Silan Microelectronics (Silan) recently announced net profits soared in 2014 by 30% to 50% compared to the same period in 2013.