Invested 4.034 billion! TCL plans to purchase 10.0.04% stake in China Star Optoelectronics

TCL Group recently announced that the listed company intends to purchase 10.08% equity of Huaxing Optoelectronics, which is held by Changjiang Hanwing, Xingyu Limited, Lin Zhouxing, Lin Zhouxing, Lin Zhouxingyuan and Lin Zhouxing, in aggregate by issuing shares. The parties to the reorganization transaction negotiated a fixed amount of RMB 4.034 billion, all of which were paid in the way of issuing shares. After the completion of this transaction, the listed company will directly hold 85.71% of the equity of China Star Optoelectronics.

Huaxing Optoelectronics is currently the second-largest company in terms of market share among TV LCD panel manufacturers in mainland China and has become a world-class LCD panel manufacturer. In 2016, the total panel purchases of China's six major TV brand makers accounted for 24% of China Star Optoelectronics, ranking first, with 55-inch products ranking first in the domestic market share. In 2016, the global TV panel market share of Huaxing Optoelectronics was 13%, ranking the fifth in the world. The market share of 32-inch products ranked second in the world. In the first quarter of 2017, China Star Optoelectronics had a 15% market share in the global TV panel market, ranking fifth in the industry.

The transaction was the acquisition of a minority shareholder’s interest in a subsidiary company, China Star Optoelectronics, by the listed company. After the transaction was completed, China Star Optoelectronics was still a controlling subsidiary of TCL, and its shareholding ratio increased, further strengthening the management and control of the subsidiary. Based on this, the development plan for the LCD panel product field will be deepened, which will further enhance the company's overall competitiveness and profitability, help ensure the effective implementation and promotion of the listed company's development plan, and help improve the company's overall operational efficiency. Reducing internal management costs and improving the stability of the shareholding structure of holding subsidiaries can accelerate TCL's promotion of the "smart + Internet" transformation and establishment of a "product + service" business model with "double +" strategic objectives.

In the first quarter of 2017, China Star Optoelectronics T1 and T2 continued to be fully-manufactured and full-selling, and the capacity utilization ratio and product yield remained high. Since the second quarter of 2016, the prices of LCD panels have continued to increase due to improvements in TV demand and contraction in overseas supply. The pattern improved to help China Star Optoelectronics significantly improve its profitability. TCL plans to invest in the construction of a 6th-generation LTPS-AMOLED flexible display panel production line with a monthly production capacity of 45,000 in Wuhan. The project is planned to achieve mass production in 2020 with a total investment of approximately 35 billion yuan. Huaxing T3 project output output will provide technical accumulation for the construction of T4 project. In addition, considering that the company’s highest 11th-generation line has started construction, the market share of large-size display panels will increase, and after the completion of T4 project, Huaxing will be in the global semiconductor display field. The overall competitiveness will continue to be strengthened and the development potential is worth looking forward to.

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