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Samsung withdrew from its domestic LCD panel factory TCL has taken full control

April 8, 2021

Latest company news about Samsung withdrew from its domestic LCD panel factory TCL has taken full control

April 1, TCL announced that Suzhou Samsung Electronic LCD Technology Co., Ltd. has been renamed Suzhou Huaxing Optoelectronic Technology Co., Ltd .(" Suzhou Huaxing Technology "), Suzhou Samsung display Co., Ltd. has been renamed Suzhou Huaxing Optoelectronic display Co., Ltd .(" Suzhou Huaxing display ").

Since 0:00 on April 1, Suzhou Huaxing Technology and Suzhou Huaxing display system handover has been basically completed, management has been taken over, all aspects of work has been smooth transition. At present, Suzhou Huaxing Technology and Suzhou Huaxing show that the work and production and operation are normal, and from the second quarter of 2021 into the scope of the company's consolidated statements (specific to the company's annual audit accountant approval).

Suzhou Samsung Electronic LCD Technology Co., Ltd. was founded in 2011, a high generation LCD panel manufacturer, covering an area of 570000 square meters, mainly engaged in high generation TFT-LCD panel R & D, production and sales, products including 8.5 generation TFT-LCD, and committed to expanding LCD core production technology.

Among them, Samsung's Samsung display company accounts for 60 shares, Suzhou Industrial State Investment holding Development Co., Ltd. accounts for 30 shares, and TCL's Huaxing Optoelectronics accounts for 10 shares.

On August 29,2020, TCL announced that its controlling subsidiary TCL Huaxing Optoelectronic Technology Co., Ltd. intends to sign the Equity transfer Agreement and the Capital increase Agreement with Samsung display Co., Ltd., and TCL Technology intends to sign the shareholders' Agreement with Samsung display.

After the signing of the agreement, TCL Technology will acquire a 60% stake in Suzhou Samsung Electronic LCD Technology Co., Ltd and a 100% stake in Suzhou Samsung display Co., Ltd for about $1.080 billion (7.622 billion RMB) consideration.

Moreover, after the deal was completed, Samsung increased its capital to TCL Huaxing by $739 million (5.213 billion yuan) for a 60 percent stake in Suzhou's Samsung electronic liquid crystal display. Samsung will also become TCL second largest shareholder.

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