By Wang Xiaolei
TCL’s acquisition of LG’s core assets in China marks a major milestone, consolidating TCL’s position in the global display industry and accelerating China’s influence in advanced display technologies. On the evening of October 9, TCL Technology announced that its subsidiary TCL China Star Optoelectronics Technology Co., Ltd. (hereinafter referred to as “TCL CSOT”) will acquire 80% equity of LG Display (China) Co., Ltd. (“LGDCA”), 100% equity of LG Display (Guangzhou) Co., Ltd. (“LGDGZ,” collectively referred to as the “Target Companies”), as well as the related technologies and support services required for the operation of the Target Companies (the “Transaction”) from LG Display Co., Ltd. and its affiliates (“Transaction Counterparties”). The Target Companies have completed the industrial and commercial registration procedures for the change of company names and equity structure, and will be included in TCL’s consolidated financial statements from the second quarter of 2025. LGDCA has been renamed T11. TCL CSOT has completed the full payment of the transaction consideration in RMB or equivalent USD per the agreed exchange rate, and the transaction is now fully executed. This acquisition is not only a strategic move at the corporate level for TCL but also a reflection of China’s display industry taking the initiative in global technological competition—a new global display era defined by Chinese companies is rapidly unfolding.
TCL Acquires LG’s Core Assets, Expanding Its Display Territory
LGDCA is an 8.5-generation large-size LCD panel factory equipped with key display technologies, including IPS, and has a designed monthly capacity of 180K sheets. LGDGZ is a supporting module plant with a designed monthly capacity of 2.3 million units. Both facilities are located in Guangzhou’s Huangpu District, forming geographic and operational synergy. In the LCD technology field, although Chinese companies previously held capacity advantages, they were long constrained by Japanese and Korean patents in core technology segments such as wide viewing angle and high color accuracy. TCL CSOT’s self-developed HVA vertical alignment technology performs strongly in the high-end TV market but has limitations in commercial applications such as medical imaging and automotive displays, which demand 178-degree wide viewing angles and highly accurate color reproduction—precisely the strengths of LGD’s IPS technology. Through acquiring LGD’s Guangzhou 8.5G line, TCL CSOT directly obtains the full suite of IPS patents and mature manufacturing processes, instantly filling its technology gap and building a comprehensive multi-technology matrix covering HVA, HFS, and IPS. This integration is far more than a simple addition: combining IPS technology with TCL’s self-developed QD-MiniLED backlight solutions enables the development of premium products offering both wide viewing angles and high brightness. More importantly, the acquisition significantly strengthens TCL’s patent leverage and generates synergistic technology effects. The transaction delivers not just a single technology but a portfolio of thousands of core patents, some of which are directly applicable to Micro LED mass transfer process development, particularly those related to display driver technologies and precision manufacturing.
Additionally, TCL is making progress in the OLED sector as well. On September 12, TCL CSOT, together with the Guangzhou Municipal Government and Guangzhou Economic and Technological Development Zone Administrative Committee, signed a cooperation agreement to jointly invest in the construction of the world’s first 8.6-generation inkjet-printed OLED display panel production line (the “T8 Project”) in Guangzhou. The line will have a monthly processing capacity of approximately 22,500 sheets of 2290mm × 2620mm glass substrates and will focus on tablets, laptops, monitors, and other applications. The project’s total investment is estimated at RMB 29.5 billion. This will break Samsung and LG’s monopoly in small-size vapor-deposited OLEDs and establish the world’s first ecosystem built around inkjet printing technology for large-size OLED panels. With developments across LCD, Mini/Micro LED, and OLED, TCL’s display roadmap is now fully established, further cementing its position in the global display industry.
Strengthening the Competitiveness of China’s Display Industry and Potentially Redefining Global Display Rules
As China’s display industry continues to rise rapidly on the world stage, acquisitions of international giants by Chinese companies have become increasingly common. TCL’s acquisition of LG’s core assets in China will further enhance its competitiveness in the global display industry and support Chinese companies in participating in—and potentially leading—the formulation of global display industry standards. The global display landscape is undergoing a major transformation. In LCD and LED, China holds a dominant share of the market, and in emerging technologies such as OLED and Micro LED, China is poised to reshape the global competitive pattern. As a leading panel manufacturer acquiring core assets from Korean display giant LG Display, TCL demonstrates the growing influence of Chinese display companies globally. The acquisition marks the complete exit of LGD—the former global LCD leader—from the LCD TV panel market. Combined with Samsung’s earlier withdrawal and Sharp’s shutdown of its LCD plant in Japan, global LCD production capacity is rapidly shifting to China. TCL CSOT’s market share will further increase, driving China’s central position in the global display industry from “scale leadership” to “dual leadership in scale and technology.”
Conclusion
As China’s display industry continues to strengthen, Japan and South Korea are stepping up efforts to support their domestic display sectors, while some countries are also leveraging legacy patent advantages to challenge Chinese display companies. To maintain momentum, China must not only accelerate technological innovation but also work with upstream and downstream partners to build a unified patent alliance and establish an industry-wide defense system covering technology R&D, standards development, and rights protection. Only by doing so can China fully seize the generational opportunities in global display technology transformation and achieve the ultimate leap from “scale leadership” to “rule-making leadership.”