(Yicai Global) March 23 -- China's BOE Technology Group will invest CNY3.8 billion (USD583.7 million) to increase its large-size liquid crystal display panel production to meet market demand.

BOE will expand its Wuhan factory's monthly capacity of 10.5th generation LCD panels to 180,000 units from the current 155,000, the Beijing-based firm said in a statement yesterday. The goal should be reached next year.

The 4K and 8K ultra-high-definition display technologies will be broadly used over the next five years in devices based on fifth-generation wireless networks, the Internet of Things, and Big Data, which should increase the demand for panels sized between 75 and 65 inches, an economical cutting size regarding the 10.5-gen, the firm added.

The Wuhan plant has been churning out such big display panels since November 2019, involving a total investment of CNY46 billion (USD7.1 billion).

Besides that factory, the company has another 10.5th generation LCD panel production line in eastern China's Hefei with a capacity of 120,000 glass substrates per month, according to public information.

BOE's stock price [SHE:000725] rose 0.2 percent to CNY6.34 (USD1) this afternoon.

Editor: Emmi Laine, Xiao Yi