The Chinese government has been cutting back on subsidies to manufacturers of LED chips, a reason some companies are blaming for their poor first quarter results. This points to a change in approach to policies over the once-hyped sector amid overcapacity and sliding prices, noted a report Wednesday by Global Times. Chinese listed firms, such as Elec-Tech International, issued a profit warning last month in its first quarter earnings report, the news site said. The company forecast net profits for the first half of the year would drop 30 to 60 percent year-on-year, partly b...