Tongfang Obtains Government Subsidies
China Securities Journal, 6/29/10
On June 30, Beijing-based high-tech conglomerate Tsinghua Tongfang (600100.SH) announced that it had received a notice from China's Ministry of Industry and Information Technology (MIIT) on the approval of RMB 35.68 mln in government funding for Tongfang's digital TV SoC and high-storage SIM card projects, as part of a 2009 initiative to promote development of core electronic components, high-end chips, and basic software products (the "Core, High, and Basic" initiative.)
Tongfang said it also has a number of other projects eligible for funding from the initiative, but that it has not been approved for additional funds as of yet. According to Tongfang board secretary Sun Min, this is the first of three allotments of funding through the program to be paid out through the duration of China's 11th Five-Year Plan period. Sun estimated that Tongfang would expect to see a total of approximately RMB 60 mln in funding through the program.
Keywords: government support government initiative hardware MIIT Tsinghua Tongfang 600100.SH government subsidy
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