Kingsun announced that the company has recently received the “Notification of appropriating 3rd special capital for development of provincial strategic new industries (LED industry)” from Dongguang Finance Bureau.

According to the Notification, Guangdong provincial finance bureau has decided to appropriate this special capital to Kingsun. This offer involves a sum of 10 million yuan, and will be used to support the project of “LED integrated fixture with evenly distributed luminosity and chromacity”.

Kingsun says this capital is considered to be deferred income as required by ASBE (Accounting Standards for Business Enterprises) and will be recorded in profit and loss of each stage during the project period. It is not expected to have great impact on the company’s 2012 profit and loss. The final accounting treatment result is subject to the confirmed result by audit institution.