King Long Group Received Government’s New Energy Subsidies

On February 12, King Long Motor Group (hereafter referred to as King Long) made an announcement, revealing that its subsidies Xiamen King Long United Automotive Industry Co., Ltd. and Xiamen Golden Dragon Bus Co., Ltd. received subsidies of 238,400,000 RMB and 588,870,000 RMB respectively from the central government for their contribution to commercialization of new energy buses. The total amount of 827,270,000 subsidies are expected to exert some positive impact on the company’s cash flow.