HONG KONG (Reuters) - China’s electronics giant TCL Corp (000100.SZ) said on Friday it planned to invest about 35 billion yuan ($5.08 billion) in a facility to make display panels that can be used in smartphones and tablets, tapping growing Chinese demand for the gadgets.
TCL plans to build a production line in the central city of Wuhan to produce displays called LTPS-AMOLED (low temperature poly silicon-active matrix organic light-emitting diode), it said in a statement on the Shenzhen stock exchange.
These displays are used in electronic gadgets such as smartphones and tablets, which are gaining popularity in China as consumers become more sophisticated and affluent.
TCL, based in the southern province of Guangdong, said its proposal was still pending approval from the government.
Other Chinese firms have announced similar plans. BOE Technology Group Co Ltd (000725.SZ) said in November it planned to invest 46.5 billion yuan in a project to produce AMOLED display panels in Sichuan province.
Reporting by Twinnie Siu in Hong Kong and Lee Chyen Yee in Singapore; Editing by Edmund Blair