Xinhaiyi announced on the evening of December 13 that the company's holding subsidiary, Suzhou Xinnajing Optoelectronics and Suzhou Industrial Park Science and Technology Development Bureau signed the “Subsidy Agreement on Supporting New Najing to Accelerate LED Production and R&D†on December 10. According to the agreement, in order to speed up the production and research and development of the new nano-crystal LED, the Suzhou Industrial Park Science and Technology Development Bureau granted a subsidy of 27 million yuan to Xin Najing.
Xinhaiyi announced that Xin Najing has received the above-mentioned 27 million yuan subsidy on December 12. According to the relevant provisions of the Accounting Standards for Business Enterprises, the above amount is recognized as deferred income when it is received, and is amortized in profit or loss within the benefit period of the project.
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