China's TCL Technology is deepening its control over its Guangzhou display manufacturing base while accelerating OLED investment, reflecting its broader push to cement a leading position across both LCD and OLED markets.
According to South Korean media outlet The Elec, TCL Technology has initiated procedures to acquire the remaining 45% stake in Guangzhou China Star Optoelectronics Semiconductor Display Technology Co. (Guangzhou CSOT), the operating entity behind its t9 project.
The shares are currently held by Guangdong Hengjian Investment Holdings, Guangzhou Chengfa Xingguang Investment Partnership Enterprise, and Science City (Guangzhou) Investment Group Co.
The transaction, submitted to the Shenzhen Stock Exchange on April 29, requires approval from the exchange and registration clearance from the China Securities Regulatory Commission before it can close.
Guangzhou: TCL's rising display stronghold
TCL CSOT, TCL Technology's display subsidiary, set up Guangzhou CSOT as the legal entity for the t9 project — an 8.6-generation oxide TFT LCD line producing monitors, notebook PCs, tablets, and automotive panels.
At inception, TCL Technology held a 55% stake, with the remaining 45% held by local state-backed investors from Guangdong Province and Guangzhou City. Full ownership would consolidate TCL's authority over the Guangzhou production base.
The company has already flagged Guangzhou LCD expansion as a key operational achievement for 2025. It completed the acquisition and integration of LG Display's 8.5-generation plant — known internally as t11 — and quickly stood up monitor mass production.
Meanwhile, the second phase of the t9 project has reached full-scale production, boosting TCL's capacity for both large- and medium-sized panels.
Improving financials reinforces the momentum. In 2025, TCL CSOT posted revenue of CNY105.24 billion (US$14.66 billion), up 17.4% year over year, while net profit rose 44.4% to CNY8.01 billion.
Industry observers expect TCL to shift focus from large-screen televisions and commercial displays toward monitors, notebook PCs, and automotive applications. They also anticipate the Guangzhou base emerging as TCL's core hub for medium- and large-sized LCD panels following the LG Display acquisition and the t9 stake buyback.
OLED ambitions take shape
TCL CSOT is simultaneously pressing ahead on OLED. According to The Financial News (Fnnews), it has formally launched a new OLED production line in Guangzhou under the project name t8. Built on 8.6-generation glass substrates, the line is designed for 22,500 sheets per month at a planned investment of CNY29.5 billion (US$4.07 billion), with completion and mass production targeted for end-2027.
Procurement is already underway. ICD and YAS have signed supply agreements and begun manufacturing equipment, while deals with DMS and Avaco are reportedly close to finalization. ICD recently disclosed a KRW41.3 billion (US$30.1 million) supply agreement — equal to 20.96% of its 2025 annual revenue — with deliveries running through January 25, 2027. YAS's contract runs through December 31, 2027, though the value was withheld for confidentiality reasons.
DMS is slated to supply a full suite of OLED wet-process equipment, covering cleaning, developing, stripping, and etching, while Avaco is expected to handle organic deposition. Other South Korean names drawing attention include Naraenanotech, Philoptics, and Meerecompany, all prior TCL CSOT collaborators.
Korean suppliers ride China's OLED wave
The investment cycle extends well beyond TCL CSOT. Visionox and HKC are also expected to launch procurement for new OLED and LCD fabs, and BOE is reportedly gearing up for a second 8.6-generation OLED plant. The broadening pipeline points to sustained contract flow for South Korean equipment makers, even as Chinese panel manufacturers press to build out domestic capacity across both display technologies.
Article edited by Jerry Chen
