BOE Tech Secures USD7.9 Billion From ICBC for Construction Projects
Tang Shihua
/SOURCE : Yicai
BOE Tech Secures USD7.9 Billion From ICBC for Construction Projects

(Yicai Global) March 21 -- China's biggest display panel maker BOE Technology Group Co. has secured CNY50 billion (USD7.9 billion) financing from Industrial and Commercial Bank of China Ltd., the country's largest bank, to support its construction projects and daily operations.

ICBC will provide the Beijing-based firm with a CNY50 billion-equivalent line of credit, and will also design and provide personalized financial products based on BOE's needs through a partnership agreement, BOE said in a statement.

The company announced plans to invest CNY96.5 billion in three construction projects in Chongqing, Wuhan and Suzhou on March 9, as part of plans to bolster production capacity of television panels, LCD screens and smart terminal displays.

Through the cooperation, BOE aims to tap ICBC for long-term, stable and comprehensive financial support, resources related to its Internet of Things strategic layout and assistance in innovations related to its display, smart system products and medical device businesses. 




 

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Keywords: BOE , ICBC , Business Partnership , Line of Credit