Chinese Listed Companies That Received Over ¥500m in Subsidies in 2010

1 Gome Electrical Appliances Holding Ltd (HKG: 0493) received ¥2.5 billion in subsidies as the government encouraged sales of energy-saving air conditioners.

2 Gree Electric Appliances Inc (SHE: 000651) received ¥2.24 billion in subsidies as the government encouraged sales of energy-saving air conditioners.

3 China Yangtze Power Co (SHA: 600900) received ¥1.85 billion in subsidies from the rebate on value-added tax for electricity sales.

4 PetroChina Co (NYSE: PTR, SHA: 601857, HKG: 0857) received ¥1.6 billion for undisclosed reasons. It is argued the grants were due to the rising prices of imported crude oil, which hurt PetroChina's refining margins.

5 ZTE Corp (SHE: 000063, HKG: 0763) received ¥1.34 billion in subsidies as the government backed the development of the integrated circuit and IT industries.

6 COFCO Biochemical (Anhui) Co (SHE: 000930) received ¥930 million as the government subsidized fuel ethanol and the treatment of the polluted Huaihe River.

7 China Yurun Food Group (HKG: 1068) received HK$713 million as the government subsidized agricultural companies.

8 Metallurgical Corporation of China Ltd (SHA: 601618) received ¥580 million as the government subsidized scientific research and returned tax rebates.

9 China Southern Airlines Ltd (NYSE: ZNH, SHA: 600029, HKG: 1055) received ¥553 million in subsidies as the government subsidized some flight operations and the development of the aviation industry as a whole.

$1 = ¥6.48