A wholly owned subsidiary of ZWZ received government subsidies

Resource from: CBCC Likes:66

May 23,2014

Liaoyang Bearing Manufacturing Co., Ltd., a wholly owned subsidiary of Wafangdian Bearing Co., Ltd., received a fund of 400,000.00 yuan from Liaoyang City Taizi District Finance Bureau on May 21, 2014. This subsidy payments is a special fund for industrial technology research and development, and shall be recognized as other non-current liabilities on the date of receipt in accordance with the Accounting Standards for Business Enterprises as this project is still in the phase of research and development.

(CBCC)

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