HONG KONG -- China's move to roll out an unprecedented 1.5 trillion yuan ($220 billion) tax rebate program could not have come soon enough for Henan Yicheng New Energy.
The state-owned company, based in central Henan Province, was mired in another annual loss after one of its key units was put on a U.S. blacklist over allegations that it did business with Iran. But now the maker of silicon products and battery chips is among scores of struggling companies that have won a crucial lifeline from Beijing's value-added tax (VAT) rebates.
