(Yicai Global) Nov. 17 -- Reports that subsidies for new energy vehicles will be decreased early are rumors, China Securities Journal quoted a Ministry of Industry and Information Technology (MIIT) insider as saying.

Subsidies for various types of vehicles will be reduced in phases in 2019 and 2020, and subsidies for individual purchases of fully electric vehicles end in 2020, per an announcement the Ministry of Finance, Ministry of Science and Technology (MOST), MIIT and National Development and Reform Commission (NDRC) made in December last year.

The share price of Anhui Ankai Automobile Co. [SHE:000868], Anhui Zotye Automobile Co. [SHE:000980] and Xiamen King Long Motor Group Co. [SHA:600686] dropped 9.37 percent, 5.56 percent and 3.24 percent, respectively, yesterday on reports that the subsidy would be cut ahead of schedule by more than 40 percent next year.

Several leading enterprises said such an adjustment in subsidy policy would not have a significant impact on them. The relevant policies can further regulate the development of the new energy vehicle market and eliminate enterprises that depend on subsidies, they said.