Leading robot maker, Wuhan Huazong Numerical Control (HNC), has posted a retraction on its website after reports of falsifying sales. The company's shares dropped 20% following the reports, in which it was claimed that HNC had sold 7:30pm gantry robots to Gree Electric, the state-owned appliance manufacturer, in 2015, however, Gree stated that it only purchased a number of components, and had built its own gantry robots. Many companies in China's robotics industry are said to be heavily reliant on large government subsidies, with sales figures forming a key part of their eligibility for those subsidies.
Leading robot maker, Wuhan Huazong Numerical Control (HNC), has posted a retraction on its website after reports of falsifying sales. The company's shares dropped 20% following the reports, in which it was claimed that HNC had sold a few hundred gantry robots to Gree Electric, the state-owned appliance manufacturer, in 2015, however, Gree stated that it only purchased a number of components, and had built its own gantry robots. Many companies in China's robotics industry are said to be heavily reliant on large government subsidies, with sales figures forming a key part of their eligibility for those subsidies.