Samsung won 15% stake in Huaxing Optoelectronics at a transfer price of RMB 1.5 billion
TCL Group recently announced that its holding subsidiary Shenzhen Huaxing Optoelectronic Technology Co., Ltd. has completed the formalities of the Industrial and Commercial Bureau. After the completion of the equity transfer, TCL Group, Shenchao Technology and Samsung Electronics respectively hold 55%, 30% and 15% of the shares of Huaxing Optoelectronics.
TCL Group adopts a strategy of cross-shareholding with Samsung Electronics in the investment field of high-generation LCD panels. According to the previous announcement, while Samsung Electronics obtained a 15% stake in Huaxing Optoelectronics, TCL Group also obtained a 10% stake in Suzhou Samsung 7.5 generation line established by Samsung Electronics.
TCL Group also stated in the announcement that Suzhou Samsung has a registered capital of USD 1 billion. The Group plans to invest USD 165 million in the equivalent of USD 100 million, accounting for 10% of the registered capital of Suzhou Samsung. Currently, TCL Group has completed registration with Suzhou Samsung. The initial payment of capital was RMB 96.663 million (or US$ 15 million).
TCL Group also stated in the announcement that Huaxing Optoelectronics has entered the stage of production and operation on August 8th. It is expected to start mass production at the end of the fourth quarter of 2011. It is planned that all projects will be completed by the end of 2012.
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