(Yicai Global) Dec. 27 -- Suzhou Jinfu Technology Co. will invest CNY1.5 billion (USD229 million) in China's central province of Hubei to set up a plant and make liquid crystal displays and photoelectric and optimal components.

The display maker penned a deal with Xinzhou District Government in Wuhan, Hubei's provincial capital, the company said in a statement yesterday afternoon. It will establish a new firm to research, develop and make the products at the plant in Xinzhou's Shuangliu New Industry City.

Annual output at the new factory will reach CNY1.5 billion in 2019, CNY3 billion in 2020 and at least CNY8 billion from 2022, the company added. Key products that Jinfu will make at the new base include LCD television sets, tablets, smartphones and related components.