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Kglass to Fill the UTG Void in China
Kglass will expand into the foldable UTG market in China according to TheElec. The company will enter the Chinese market via South Korean software firm Softcen. Chinese OEMs have been using CPI for the cover lens as Samsung had corned the market for UTG using Dowoo Insys. But with the entry of Corning into the market, China’s OEMs now have access to the glass, but the process requires chemical treatment and precising cutting, or the cut glass will have durability issues. Enter Kglass, which will handle the back-end processing of the UTG, where the mother glass is cut into the size of the product.
Softcen signed a 20.9b yuan deal in June with Jiangsu Sichuan Technology to supply it with UTG cover window manufacturing system. Softcen also spent 50m yuan for a 5.88% stake in Jiangsu in June. In May, the software company also invest 5 billion won in Kglass, securing 40% ownership. Jiangsu began construction of a flexible foldable panel factory in June at its namesake province. It is planning to spend 6 billion yuan. According to Softcen, the Chinese firm was chosen by the province to lead a local project to develop ultra-thin foldable cover window. Kglass’ technology was deemed stable by LG Display and NEG, people familiar with the matter said.
But with LG exiting the smartphone market their priorities have changed and they have yet to manufacture foldable panels with UTG, Kglass has chosen to expand in China first, they said. Chinese phone makers have just started their shift from polyimide films to UTG when it comes to the cover window material for their foldable phones, which means there will be a window of opportunity for Kglass to expand there.
Softcen’s majority shareholder is a Hong Kong-based private equity firm. Hong Kong Chun Shun International Trading Limited became the largest shareholder of Softcen in December 2019. Last year, Softcen formed two subsidiaries in China. One of these subsidiaries will handle the development of flexible OLED new material and process system development. Softcen was founded in 1988 and listed on KOSDAQ in 1997. ITcen became its largest shareholder in 2012. The company sold its stake to the Hong Kong private equity firm. Last year, Softcen recorded 78.9 billion won in sales and 4 billion won in operating income.
Kglass will expand into the foldable UTG market in China according to TheElec. The company will enter the Chinese market via South Korean software firm Softcen. Chinese OEMs have been using CPI for the cover lens as Samsung had corned the market for UTG using Dowoo Insys. But with the entry of Corning into the market, China’s OEMs now have access to the glass, but the process requires chemical treatment and precising cutting, or the cut glass will have durability issues. Enter Kglass, which will handle the back-end processing of the UTG, where the mother glass is cut into the size of the product.
Softcen signed a 20.9b yuan deal in June with Jiangsu Sichuan Technology to supply it with UTG cover window manufacturing system. Softcen also spent 50m yuan for a 5.88% stake in Jiangsu in June. In May, the software company also invest 5 billion won in Kglass, securing 40% ownership. Jiangsu began construction of a flexible foldable panel factory in June at its namesake province. It is planning to spend 6 billion yuan. According to Softcen, the Chinese firm was chosen by the province to lead a local project to develop ultra-thin foldable cover window. Kglass’ technology was deemed stable by LG Display and NEG, people familiar with the matter said.
But with LG exiting the smartphone market their priorities have changed and they have yet to manufacture foldable panels with UTG, Kglass has chosen to expand in China first, they said. Chinese phone makers have just started their shift from polyimide films to UTG when it comes to the cover window material for their foldable phones, which means there will be a window of opportunity for Kglass to expand there.
Softcen’s majority shareholder is a Hong Kong-based private equity firm. Hong Kong Chun Shun International Trading Limited became the largest shareholder of Softcen in December 2019. Last year, Softcen formed two subsidiaries in China. One of these subsidiaries will handle the development of flexible OLED new material and process system development. Softcen was founded in 1988 and listed on KOSDAQ in 1997. ITcen became its largest shareholder in 2012. The company sold its stake to the Hong Kong private equity firm. Last year, Softcen recorded 78.9 billion won in sales and 4 billion won in operating income.
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