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FOR IMMEDIATE RELEASE: 09/28/2020


BOE Acquiring CEC Panda Fabs in Nanjing and Chengdu
Bob O'Brien, Co-Founder and President

Austin, TX -


BOE Technology Group, Ltd (BOE) announced this week the proposed acquisition of majority stakes in two of the four CEC Panda LCD fabs in China, the Gen 8.5 fab in Nanjing and the Gen 8.6 fab in Chengdu. While no specific transfer price was stated, a minimum price for each fab was described. While some uncertainty remains because the transactions will still need approval from BOE shareholders, this is the most complete description thus far for the sale of CEC Panda assets, and it looks likely to proceed.

Formally, BOE described the proposed acquisition of 80.831% of Nanjing CEC Panda Flat Panel Display Technology Co., Ltd. (which we will refer to as “Nanjing G8.5”) and a 51% stake in Chengdu CEC Panda Display Technology Co., Ltd. (“Chengdu G8.6”). The Nanjing equity has been held by Huadong Technology (57.646%), China Power Co., Ltd. (17.168%) and Nanjing CEC Panda (6.017%). It’s worth noting that one of the other shareholders of Nanjing G8.5, which will not be part of the BOE transaction, is Sharp Corporation, which owns 7.718% equity. In the Chengdu G8.6 case, BOE expects to acquire the 51% stake currently held by Chengdu Advanced Manufacturing, Konggang Xingcheng Group and Konggang Xingcheng Construction Management.

In each case, BOE engaged an evaluation agency to assess the value of the fabs from an asset-based method and a market method, with relatively small differences between the two numbers, and took the larger amount. The equity of Nanjing G8.5 was publicly listed for transfer earlier this month, with a listing price of CNY 5,591,221,400 (US$821 million), and BOE’s statement indicated that it intends to acquire Nanjing G8.5 at a price not lower than the listing price. BOE stated that an appraisal report valued the assets of Chengdu G8.6 at CNY 12,795,124,500 ($1.88 billion), and therefore BOE intends to acquire the 51% stake in Chengdu G8.6 for not less than CNY 6,525,513,500 ($958 million).

In its statement BOE listed the main features of both fabs, as follows:

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