(Yicai Global) Aug. 9 -- China's Visionox Technology, a display supplier to Xiaomi and ZTE, will partner with the administration of the district of Zengcheng in southern Guangdong province to construct a sixth-generation flexible active-matrix organic light-emitting diode screen factory with a total investment of CNY11.2 billion (USD1.6 billion) to tap into market demand.
The pair intends to establish a project company with a registered capital of CNY5.6 billion, 82 percent of that coming from Zengcheng and the rest from an investment entity appointed by Visionox, the Nanjing-based firm said in a statement yesterday.
The pair aims to establish long-term relations with customers in the Pearl River Delta region, which is home to many phone firms, as many manufacturers have earlier this year announced plans to launch foldable phones, the statement added.
Founded in 2001, Visionox grew out of the organic light-emitting diode project team of Beijing's Tsinghua University.
Editor: Emmi Laine