(Yicai Global) June 13 -- A wholly-owned subsidiary of Beijing Lanxum Technology Co. [SHE:300010] will lead the development of core technologies for electronic authentication services and service regulation.

The research project has received a USD6.6 million (CNY45.5 million) in central government subsidies and grants.

The subsidiary, Beijing Lanxum New Technology Co., recently received a notice from the Ministry of Industry and Information Technology officially approving the project, the company said yesterday. Listed as one of the 15 top priorities of the national 'cyberspace security' research program, the project covers key applications related to internet-based electronic transactions, auditing and company information collection, and development of an electronic authentication service framework, regulation system and core technologies, per the statement.

The project will provide technical support for electronic authentication and regulation of relevant services and boost the development of the electronic authentication service market. It will also help Lanxum Technology acquire a clear advantage and remain at the forefront of information security technology development. The electronic authentication system the company is working on will be applied in e-invoicing, e-ticketing and auditing systems covering over two million users in more than 20 Chinese cities and provinces in future, per the statement.