Avic International unit to buy China’s largest electronic flat product display supplier
Avic International Holdings, an electronics manufacturing unit of state-owned aerospace giant Aviation Industry Corp of China, says its mainland-listed unit has agreed to buy Xiamen Tianma Microelectronics, the country’s largest flat product display supplier, for 10.6 billion yuan (US$1.5 billion).
Xiamen Tianma, also the world’s fourth-largest supplier with a 12 per cent share in 2015, supplied displays used in electronic products such as smartphones and related materials as well as the equipment that produced them, Avic International said in a filing to the Hong Kong stock exchange on Sunday.
In the future, Xiamen Tianma will make further arrangements for emerging technological display products such as [virtual reality] and professional display products such as vehicle displays
Under the deal, Avic International’s Shenzhen-listed unit Tian Ma Microelectronics will buy all of Xiamen Tianma.
“With the increasing production capacity and the impending end of the developing period, the revenue and net profit of Xiamen Tianma in recent years presented rapid growth year on year,” Avic International said.
“In the future, Xiamen Tianma will make further arrangements for emerging technological display
products such as [virtual reality] and professional display products such as vehicle displays.”