SORL Auto Parts, Inc. (SORL) , a supplier of brake and control systems to the global commercial vehicle industry, announced that the Chinese government has renewed SORL's High-Tech Enterprise status.
The company said it was also designated as a High-Tech Enterprise beginning in 2009, the first year it was available, through the 2011 fiscal year. As a High-Tech Enterprise, SORL receives a preferred tax rate of 15% for the three years 2012 through 2014, compared with the normal 25% corporate tax rate.
The company said that it already has received its anticipated tax refund for the first three-quarters of 2012 of approximately $1.2 million or approximately RMB 7.64 million resulting from this designation.
For fiscal year 2012, the company reiterated its expectation for net sales to be approximately $191.4 million and revised its net income expectation to be approximately $12.7 million.
While announced the third-quarter result, the company expected net income to be approximately $11.5 million for fiscal 2012.
The company said that the revised net income guidance was based upon the preferred 15% tax rate from the renewal of the High-Tech Enterprise status.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.