Apple Supplier Japan Display will be Bailed Out by Chinese Backed Investors
It's being reported today that ailing Apple supplier Japan Display Inc. will receive up to 80 billion yen ($723 million) in a bailout from a group of Chinese and Taiwanese investors.
Reuters reveals via Kyodo news agency that a group including China’s state-backed Silk Road Fund and Taiwanese panel maker TPK Holding Co will inject around 60 billion to 80 billion yen, taking a stake of 30-50 percent in Japan Display, Kyodo said, without citing sources.
The deal, if realized, would make the group the top shareholder of the liquid crystal display (LCD) maker, replacing the Japanese government-backed INCJ fund, which currently owns 25.3 percent of the company, the report said on Tuesday.
Its delayed adoption of organic light-emitting diode (OLED) screens has also battered the LCD maker, as Apple opted for OLED screens for its iPhoneX and bought them from rival Samsung Electronics Co.
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