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HC Semitek announced Monday, the company received subsidiary from the Chinese government for its third phase LED EPI-wafer expansion project.
The Wuhan Municipal Commission of Economy and Information approved the subsidiary totaling RMB 2.73 million (US$ 440,000).
According to China’s Accounting Standards for Business Enterprises, the company’s subsidiary will be recognized as non-operating revenue in 3Q14. Under the related regulations the company still needs to pay 15 percent corporate income tax. The subsidiary is expected to increase the company’s net profit in 2014 to RMB 2.32 million.