Date: 2013-07-31

Fujian Longxi Bearing received Grant Funds for Project of Commercialization of Scientific and Technological Achievements

Recently, Fujian Longxi Bearing (Group) Co., Ltd received notice of issue of "Grant Funds for Project of Commercialization of Scientific and Technological Achievements" from Fujian Provincial Department of Finance and Fujian Provincial Economic and Trade Commission," according to which the "Spherical plain bearings for heavy-duty truck application" is granted a total of 14 million yuan funds by means of installment payments, wherein, 5 million yuan will be given in 2012, with another 5 million yuan paid in 2013 and 4 million in 2014.

In accordance with relevant provisions, the grant funds received can be included in the annual profit, which will have a positive impact on the business performance of Fujian Longxi Bearing from 2012 to 2014.

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