Want Want China says mainland grants lawfulBusiness | 17 Jul 2019 6:37 pm
Want Want China (0151) rebutted a report alleging that the company has benefitted from extraneous financial subsidies from mainland China, saying it is politically motivated and intended to seriously harm its reputation, and severely damage the interest of its shareholders and mislead the investing public.
The company said it reserve the right to take legal action.
A report said Want Want China has received grants from mainland government and such grants should be declared, while its subsidiary CTI Television, which is in Taiwan, is "red media.''
Want Want China said it received government grants from various government authorities and these had been granted in accordance with the law as incentives to certain subsidiaries in the mainland, based solely on objective criteria such as the investments made and the performance.
None of the government grants was given in connection with the activities of any third party outside the company, including CTI Television, it said.
As a listed company, Want Want said it complies with all the laws and regulations related to its financial reporting and abides by the highest professional standards and adopts the best-in-class approach.