Honglitronic Receives RMB 4M Subsidiary

Honglitronic announced the company’s application for RMB 4 million (US $650,000) subsidiary for “new LED lighting component R&D and commercialization” was approved by Ministry of Industry and Information Technology (MIIT) of the People’s Republic of China.

The company plans to invest in total 20 million Chinese Yuan in the new LED lighting component R&D project, and will be financing the remaining RMB 16 million.

Above finances amounted to 6.28 percent of the company’s net profit for fiscal year 2013. According to China’s business accounting regulations, companies need to list subsidiaries as deferred income. Government subsidies in 2014 are estimated to impact the company’s net profit to a certain degree in 2015.

Additionally, Honglitronics EMC3030 passed the 6,000 hour IESNA LM-80 test at a third party lab approved by the U.S. Environmental Protection Agency. The LM-80 is a LED package lumens maintenance test standard that tests LED package products under certain temperatures for 6,000 hours.

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