China Securities Network News Zhenxin Technology announced on the evening of June 8 that the company’s holding subsidiary Chengdu New Orange Beidou Zhilian Co., Ltd. (hereinafter referred to as “New Orange Beidou”) recently received “Sichuan Provincial Development and Reform Commission Sichuan Provincial Economy and Information”. The “Approval Report of the Chemical Industry Committee on the Application for Funds for the Special Action Project for the Innovation and Development of Chengdu Beidou Industrial Park” agreed in principle to grant a grant of 25 million yuan in cash to New Orange Beidou’s “Real Three-dimensional Beidou Internet Comprehensive Application Smart Cloud Platform Project”. The term of the project is from 2018 to 2020. As of the announcement date, the above amount has not been actually received.
The company stated that, according to the relevant regulations, the new Orange Observant shall timely recognize the actual receipt of the above-mentioned government subsidies as deferred income, which will be specifically carried forward to profit or loss. The new Orange Beidou will be determined in accordance with relevant accounting standards.
