ANNOUNCEMENT 01 Jan 2020

In 2020, the government subsidies received by Chinese listed company QUANTUMCTEK decreased significantly.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

QUANTUMCTEK financial disclosure statements found in the Wind database (www.wind.com.cn). Last accessed on 27 Juli, 2021.

Inception date: 01 Jan 2020 | Removal date: 31 Dec 2020

Financial grant

In 2020, the Shanghai-listed firm QUANTUMCTEK disclosed in its stock exchange filings the receipt of approximately 92 million USD of government subsidies. This represented a significant decrease in the government subsidies obtained in the prior year (107 million USD).

QUANTUMCTEK is a central State-owned Enterprise based in Hefei City, Anhui Province.

This firm is registered as one of Chinas Strategic Emerging Industries - meaning it is in an industrial sector that the Chinese government has deemed of particular importance to the countrys economic progress.

Specifically, QUANTUMCTEK is recorded as being in the New Generation IT industry - Next Generation Information Network industry.

In China it is a legal requirement that publicly-listed firms report any subsidies received from government bodies. The stated subsidy amounts refer to a given calendar year. It is possible that this firm received other forms of state aid that have not been declared.

The affected products and sectors have been chosen based on the 'main products' and CSRC sector classification reported in the financial data of the firm. The subsidy amounts in USD were computed using the year-average exchange rate to the Chinese Yuan. The subsidy amount(s) reported here are the cash equivalents as estimated by the recipient firm.

A state act in the GTA database is assessed solely in terms of the extent to which its implementation affects the extent of discrimination against foreign commercial interests. On this metric, the state aid proposed here is discriminatory.

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AFFECTED PRODUCTS