Yiwu Mulinsen Lighting Technology Co., Ltd. (hereinafter referred to as "Yiwu Mulinsen"), a wholly-owned subsidiary of Mulinsen Lighting Co., Ltd. (hereinafter referred to as "Yiwu Mulinsen"), received on December 20, 2018 the document of "Notice on Allocation of Industrial Development Subsidy of Yiwu Mulinsen Lighting Technology Co., Ltd. (Yigaoxin 79) from the Management Committee of Yiwu Information Optoelectronic High Yiwu Linsen Lighting Technology Co., Ltd. will allocate the second batch of industrial development subsidy funds of 37.5 million yuan in 2018. The above funds were transferred to the account of Yiwu Mulinsen Company on December 20, 2018, which is a government subsidy related to income and is recognized as current income upon receipt. The above-mentioned government subsidies are not relevant to the company's daily business activities and are not sustainable.
This government subsidy is expected to increase the company's total profit of RMB 37.5 million this year.
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