ETI Subsidiary Receives Flip Chip and CSP Subsidies

In a company statement, Chinese LED manufacturer ETI announced two of its subsidiaries received in total RMB 70 million (US $11.28 million) subsidies from local governments.

The company’s wholly owned subsidiary Dalian ETI Opto Technology  (大连德豪光电科技) received RMB 50 million “LED flip chip and CSP” subsidy from Jinzhou New District Technology Bureau in Dalian.

Another ETI subsidiary Bengbu Sanyi Semiconductor (蚌埠三颐半导体) received RMB 20 million subsidy from Benbu High Technology and Industrial Zone Bureau for advanced technology R&D.

The subsidies will be listed under this quarter’s profits and losses and is expected to have a positive impact on the company’s profits for the fiscal year of 2015.

Home appliances product R&D, manufacturing, and sales has been ETI’s main revenue source. In 2014, the company’s LED revenue reached RMB 2.10 billion out of the company’s total consolidated revenue of RMB 4.15 billion. The company’s LED business reported a 46.27% growth.

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