Yueyang Xingchang Petrochemical boosted by CNY 12.57m subsidy

Yueyang Xingchang Petrochemical (SZSE:000819) announced it has received a government subsidy of CNY 12.57 million. The subsidy, which is not sustainable, represents 19.91% of the company's latest audited net profit attributable to shareholders. According to accounting standards, the funds related to assets will be recorded as deferred income. Yueyang Xingchang Petrochemical will manage these funds in compliance with laws and regulations, but warns investors that the accounting treatment will be based on auditors' findings.