Business | October 16, 2018
Ionix Technology is looking to expand in Asia
Ionix Technology (IINX) says that it has entered an intention agreement of acquisition with China Changchun Fangguan Electronic Technology Co., Ltd. IINX will purchase 100% of Changchun Fangguan's equity stake.
IINX says in a press release that it has sent its audit and evaluation team to Changchun Fangguan to perform relevant due diligence and other succeeding work. If the restructuring is completed as planned, in addition to further consolidating its industrial status of IINX's LCD products in the northeast three provinces of China, it also will expand the business of IINX in the east, south and north China, as well as parts of Japan, South Korea and Singapore. Changchun Fangguan currently has a workforce of 400 employees and a factory area of 25’000 square metres. In addition to the ability to manufacture various liquid crystal displays on a large scale, Changchun Fangguan has also owned COG, COB, TAB and other module production lines. “The restructuring will become a crucial milestone for IINX's LCD production line business. As a pioneer in the field of LCDs in China, Changchun Fangguan is one of the few domestic LCD manufacturers that is capable of meeting the industry needs and producing product applications as well as providing LCD, LCM and TFT-LCM products in batches,” says Yubao Liu, Chief Executive Officer of IINX, in the release. “Through this restructuring, we have significantly expanded our scale of facilities, number of employees and operating assets. In addition to increase the overall market share and capability of self-innovation of the company, there will be further business expansion around the world as well.” Yubao Liu adds; “We expect to build IINX into a comprehensive public company with intelligent high-tech as the core, integrating research and development, production, design, popularization and application, testing, international trading and industrialization management by restructuring vendors which are as dedicated to providing green eco-friendly products as we are.”
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