Attraction of Chinese Money

Sangbo CEO Kim Sang-geun (left in the front row) is shaking hands with Li Dongsheng (right in the front line), the CEO of TCL Group, in Hotel President in Seoul on June 5 after signing an investment agreement.
Sangbo CEO Kim Sang-geun (left in the front row) is shaking hands with Li Dongsheng (right in the front line), the CEO of TCL Group, in Hotel President in Seoul on June 5 after signing an investment agreement.

 

Sangbo announced on June 6 that it signed a US$100 million (about 115 billion won) investment agreement with TCL Taitung Investment Co., Ltd., the investment company jointly established by TCL Group and Taitung Group, in Hotel President in Seoul on June 5. The investment amount is well over the company’s export amount of 85 billion won (US$73.9 million) last year. Sangbo CEO Kim Sang-geun and TCL CEO Li Dongsheng attended the investment meeting.

TCL Group is a leading consumer electronics manufacturer in China. Last year, the company recorded a total of 18 trillion won (US$15.6 billion) sales and ranked third in liquid crystal display (LCD) TV shipments following Samsung Electronics and LG Electronics. It also became the world’s fifth largest mobile phone manufacturer with the shipments of 83.55 million units.

TCL Group put reportedly a high value on the technologies of Sangbo and decided to invest in the company. Sangbo holds various new technologies, including a quantum dot organic light-emitting diode film (QOLED film), small optical films for mobile phones and tablets and carbon nanotube (CNT) touch sensor as well as its main product display optical films for TV. TLC wants to use Sangbo’s technologies to foster new growth engine areas. Sangbo, on the other hand, plans not only to develop other new technologies with the investment but to use TLC’s global networks to explore new overseas market.

Sangbo began operating a new plant in Suzhou, China in May this year. With the addition of sales from the plant, the company’s total annual sales in China are expected to reach 60 to 70 billion won (US$52.1 to 60.8 million).

 

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