Asian Tech Press (Oct 11) -- Chinese electronics company TCL Technology Group Corp (000100:Shenzhen) announced on Sunday that it has acquired a 30% stake in former Samsung Suzhou LCD company, making it a wholly owned subsidiary of its affiliate TCL CSOT.
Shenzhen-listed TCL Technology announced Sunday that in order to enhance the company's leading position in the semiconductor display industry, its affiliate TCL China Star Optoelectronics Technology Co., Ltd (TCL CSOT) recently acquired a 30% stake in Suzhou China Star Optoelectronics Technology Co., Ltd (Suzhou CSOT) through Suzhou Public Resource Trading Platform and signed a equity transfer agreement with Suzhou Industrial Park (SIP) State-owned Capital Investment and Operation Holdings Co., Ltd.
Suzhou CSOT has recently completed its changes of business registration in the above matter, and has become a wholly-owned subsidiary of TCL CSOT, of which South Korea's Samsung Display Co., Ltd. owns about 11.03% of the shares.
In fact, in April 2021, TCL Technology announced that its subsidiary TCL CSOT had acquired 60% shares of Samsung Electronics Suzhou LCD Co. Ltd. and 100% shares of Samsung Display Suzhou Co.,Ltd, Samsung Display's LCD production lines in Suzhou.
Subsequently, Samsung Electronics Suzhou changed its name to Suzhou CSOT and Samsung Display Suzhou was renamed to Suzhou China Star Optoelectronics Display Co. ( Suzhou CSOD), and both companies were consolidated into TCL Technology's financial report in the second quarter of 2021.
According to April's announcement, Suzhou CSOT owns the only 8.5-generation TFT-LCD production line (t10) previously owned by Samsung in mainland China, with a monthly capacity of 120K large panels.
Founded in May 2011, Suzhou CSOT engages in the production and research and development of liquid crystal display panels and modules and related products, and sells products manufactured by itself.
TCL Technology was founded in 1982 and listed on the main board of the Shenzhen Stock Exchange in January 2004. In April 2019, the company completed the restructuring, divesting the intelligent terminal and related supporting business.
At present, the core business of TCL Technology consists of three segments: semiconductor display industry, semiconductor photovoltaic and semiconductor material industry, and industrial finance and investment platform.
And TCL CSOT mainly carries the business of TCL Technology in the field of semiconductor display. According to the financial report, it achieved revenue of 40.756 billion yuan ($6.331 billion) in the first half of this year, an increase of 108.88% year-on-year.
(US$1 = 6.4372 yuan)
