Zhongtong Bus Won Government Grants 45 million Yuan

Announcement of Zhongtong Bus in August 26 night: According to the report of the Ministry of Finance,the company declared “project of manufacture in a new model under the bus intelligent products customized background" and has received project grant funds of 45 million Yuan on August 25, 2016

The company will determine the funds to asset-related government grants based on the relevant provisions of the "Enterprise Accounting Standards" which included in deferred revenue. Since the related assets reach to usable condition, the deferred income will be evenly distributed and carried forwards to each period of profits and losses in the lifetime of the asset.