Financial prizes are up for grabs for companies in the e-commerce industry, courtesy of the Xiamen government. Applications for the prizes are open from June 16 to June 30.

The actual amount of the financial prizes will be calculated based on financial records in 2015.

An online retailer with a sales turnover of at least 5 million yuan ($758,600) in 2015 is eligible to receive 100,000 yuan for the first 5 million and 10,000 yuan for every 2 million yuan after that. Any one company can receive no more than 1 million yuan in prize money.

An e-commerce service supplier may claim a 500,000 yuan prize if it offered services to five local traditional businesses which each reached 5 million yuan in sales or it offered services to one traditional business that achieved 50 million yuan in sales.

An e-commerce platform is eligible for no more than 2 million yuan in prize money. Prizes will be awarded to companies who have a local distinction and are exemplary in facilitating local economic growth. The actual prize should not exceed 30 percent of the input cost of each platform.

The Xiamen government will also award e-commerce industrial parks that boast a complete industrial chain and high advancement level. For an e-commerce park to get a prize between 500,000 yuan and 1 million yuan, it should have a 40 percent occupancy rate.

A business association can apply for a maximum of 200,000 yuan in subsidiaries for each public event it organized. Only five events will be compensated this way and the actual amount for each event should be no more than 70 percent of the expenses ratified according to certain regulatory guidelines.