China Zhongwang : 77 Employees Win Prize in the Incentive Events of “Granted Patents in 2015”

To encourage and acknowledge employees who have been actively involved in innovation, Liaoning Zhongwang Group organized incentive events of 'Granted Patents in 2015' recently. A total of 44 patents and 77 inventors won the prize.

In 2015, China Zhongwang developed over 100 new products, attained 13 technology and new product awards at national, provincial and municipal levels. The Group filed 93 patent applications, including 22 invention patents, 40 utility model patents and 31 design patents. All of the above recorded significant increase as compared to the previous year.

'The Group has spent efforts on technology and innovation since its establishment. The outstanding R&D capability is the Group's cornerstone to strengthen its comprehensive competitiveness.' said a representative from China Zhongwang, 'the Group has been encouraging and protecting employees' innovative initiative and results. With the enhanced system of intellectual property management, the employees became more aware of innovation and intellectual property protection, resulting in a rapid growth in the Group's number of patent application and ownership.'

According to China Zhongwang's 2015 annual report, the overall R&D expenditure of the Group amounted to RMB510 million, accounting for 3.1% of total revenue. Besides, being a high and new technology enterprise, China Zhongwang continued to enjoy the preferential rate of 15% for corporate income tax.