TCL Display Entered into a Joint Venture Agreement with Wuhan CSOT and Proposed Change of Company Name from TCL Display to China Display Optoelectronics Technology (CDOT)

EQS-News / 24/10/2016 / 23:16 UTC+8

TCL Display Entered into a Joint Venture Agreement with Wuhan CSOT
and
Proposed Change of Company Name from 
TCL Display to China Display Optoelectronics Technology (CDOT)
* * * * *
Seizes Potential in High-End Market to Enlarge Industry Market Share 

(24 October 2016, Hong Kong) - TCL Display Technology Holdings Limited
("TCL Display" or the "Group"; HKSE stock code: 334), the leading provider
of small-to-medium-sized display modules in China, announced that on 24
October 2016, TCL Huizhou, an indirect wholly-owned subsidiary of the
Group, entered into the Joint Venture Agreement with Wuhan CSOT. The
parties agreed to contribute RMB499 million in aggregate to increase the
registered capital of the Joint Venture to RMB500 million. Upon the
establishment of the Joint Venture, which is subject to the approval of the
relevant PRC authorities, the Joint Venture will be owned as to 70% by TCL
Huizhou and 30% by Wuhan CSOT. The business scope of the Joint Venture
shall be the development, production and sale of LTPS LCD modules and
related auxiliary products for mobile phones and tablets; as well as the
import and export trading of technology and products.

The formation of Joint Venture with Wuhan CSOT represents the close
cooperation between the Group and upstream LCD panel corporations which
faciliates the sustainable expansion of the Group's client base. In
consideration of the above, the Board proposed the change of the Group's
name to "China Display Optoelectronics Technology Holdings Limited" and the
adoption of a new Chinese name "華顯光電技術控股有限公司". The new name will emphasise
the advantages brought by the Joint Venture and the Group's new corporate
image, captivating more potential clients in the market. A special general
meeting will be held to approve the proposed change of the name of the
company.

Mr. LI Jian, Chief Executive Officer of TCL Display, expressed, "In recent
years, the demand for high-end smart devices products has been increasing,
resulting in a continuous growth of demand for high-end LTPS LCD modules.
Coupled with the generally higher unit price of LTPS LCD modules compared
to other LCD module products, we believe the Joint Venture Agreement
represents a prime opportunity, alongside the resources and expertise of
Wuhan CSOT in LTPS LCD panel production, allowing the Group to seize the
potential in the high-end market to enhance business growth and enlarge the
Group's market share in the industry, thereby generating greater profits
and values for the Group and its shareholders."

- Cont'd -


Concerning the change of company name, Mr. LI added, "As an original design
manufacturer of LCD modules, the new name will provide the Group with a new
corporate image and reflect its business nature more accurately. In
addition, the new name also emphasises the advantages brought by the Joint
Venture, attracting more business opportunities."

- End -


About TCL Display Technology Holdings Limited (SEHK: 334)
Headquartered in China, TCL Display Technology Holdings Limited is one of
the major providers of small-to-medium-sized display modules (