TCL Group (000100.SZ) unveiled further details regarding its equity acquisition of Shenzhen Huaxing Optoelectronics Technology Co., Ltd. on the evening of September 25. The company plans to acquire a 10.04% stake in China Star Optoelectronics from several shareholders, including Changjiang Hanyi, Xingyu Limited, and Lin Zhouxing, through a share issuance. The agreed-upon transaction value is RMB 4.034 billion. All payments will be made via issuing shares. Once completed, TCL Group will hold an 85.71% stake in China Star Optoelectronics, while Changjiang Hanyi will receive 7.84% of TCL’s shares. The exact number of shares issued during the transaction is outlined in the attached image. Looking ahead, TCL has expressed its intention to continue acquiring the remaining shares of China Star Optoelectronics. This move is part of a broader strategy to strengthen its position in the semiconductor display industry. Huaxing Optoelectronics primarily focuses on the research, development, production, and sales of semiconductor display panels. Established in November 2009 by TCL Corporation and Shenzhen Shenchao Technology, it initially had a registered capital of RMB 1 billion, with equal ownership between the two parties. Following nine capital increases and six equity transfers, the company's registered capital reached 18.342 billion yuan, and Shenchao Technology eventually exited, leaving TCL with a 75.67% stake. Although China Star Optoelectronics may not be widely known to the general public due to its enterprise-focused products, it remains a key asset for TCL, significantly contributing to the company’s financial performance. From 2015 to the first quarter of 2017, the subsidiary consistently boosted TCL’s revenue. In 2015, it contributed 18.038 billion yuan in revenue, representing 17.77% of TCL’s total income. By Q1 2017, this figure rose to 6.54 billion yuan, or 26.30% of TCL’s total revenue. In the first half of 2017, TCL reported a sales revenue of 51.3 billion yuan, up 9.41% year-on-year, with EBITDA reaching 5.92 billion yuan, a 72.4% increase. Net profit attributable to listed shareholders was 1.03 billion yuan, up 70.7%. Meanwhile, China Star Optoelectronics generated 13.54 billion yuan in sales revenue, a 49.2% rise, and EBITDA of 5.48 billion yuan, up 149.7%. TCL stated that the acquisition would enhance the company’s profitability and provide stronger support for China Star Optoelectronics’ operations, improving efficiency and deepening its LCD panel product strategy. This move aims to boost the overall competitiveness and profitability of the listed company. Additionally, TCL plans to allow key management and core employees of China Star Optoelectronics to hold shares in the listed company through employee holding platforms, fostering greater cohesion and motivation among staff. Looking forward, TCL aims to fully own China Star Optoelectronics. At the recent IFA Consumer Electronics Show in Germany, TCL Chairman Li Dongsheng emphasized that semiconductor display technology, artificial intelligence, internet services, and intelligent manufacturing upgrades will be the company’s future focus. In the semiconductor sector, Li set a goal for TCL to surpass Samsung within three to five years, with China Star Optoelectronics as the main driver. Currently, China Star Optoelectronics is the second-largest TV LCD panel manufacturer in mainland China. According to IHS data, it held a 13% global market share in 2016, making it a major global supplier of TFT-LCD panels. According to TCL’s first-half report, the t1 and t2 factories of China Star Optoelectronics, which produce TV panels, maintained full-scale production and increased market share. The 55-inch product line holds the third-largest market share globally, while the 32-inch segment ranks second. The t3 plant, focused on high-end smartphones and PC panels, has started small-scale external supply and is expected to reach mass production of full-screen products by the fourth quarter. The t6 project (an 11th-generation TFT-LCD and AMOLED production line) is scheduled to start in Q2 2019, while the t4 project (a 6th-generation LTPS-AMOLED flexible line) is expected to begin in 2020. Additionally, the OLED R&D test line has already been completed. Li Dongsheng previously mentioned that the largest capital investment for TCL is in China Star Optoelectronics. Initially, TCL considered spinning off the business but was limited by domestic policy constraints. As a result, the group opted to finance the subsidiary through its platform. After this transaction, TCL still holds 11.00% of China Star Optoelectronics through the China Development Fund and 3.28% through Guangdong Finance Trust. The company plans to repurchase these shares in the future, aiming to create a more efficient and competitive semiconductor display industry group.

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