US technology company Syndiant has established a joint venture with Chinese private equity fund Tongtai Jiuyuo to develop and manufacture high resolution micro-displays used in smart phones, according to a statement.
The move indicates Syndiant’s intention to expand in China, having opened a subsidiary in Hong Kong in 2010. The joint venture will focus on developing new products and technology relating to light displays in portable devices.
Financial terms of the agreement were not disclosed, but the joint venture will be named Zhangjiakou Syndiant Technology, with Syndiant owning 60 percent and Tongtai Jiuyou taking the remaining 40 percent.
The deal is still subject to approval by relevant government authorities in China.
“This is an important and strategic step forward in Syndiant's commitment to the China market,” Daniel Wong, president and chief executive of Syndiant, said.
“Tongtai Jiuyou will provide capital that will expand Syndiant's business in the fast growing microdisplay market in China. We are pleased to have the opportunity to join forces with Tongtai Jiuyou as they share our goal in developing display product for the wearable computing and automotive display markets in China.”