TCL Display Technology (00334) said it entered into a non-legally binding memorandum of understanding with Wuhan China Star Optoelectronics Technology (Wuhan CSOT) with regard to the possible formation of a joint venture to engage in production of low-temperature poly-silicon (LTPS) LCD module products.
It is currently contemplated that the total investment amount of the JV will be Rmb900 million, and that TCL Display will own not less than 50% of the registered capital of the JV, whereas Wuhan CSOT will own not more than 50%.
The production plant of the JV shall locate at the Optics Valley Smart Industrial Park of the Wuhan East Lake High-tech Development Zone and next to Wuhan CSOT's LCD panel production plant. It is contemplated that the JV will operate 10 fully automated production lines of LTPS LCD module for mobile phones and with an average annual productivity of 50 million laminated display modules for mobile phones.
Wuhan CSOT is owned as to about 41.77% by Shenzhen CSOT, a subsidiary of TCL Corporation, the ultimate controlling shareholder of TCL Display.
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