On May 26, Rainbow Shares (600707) issued an announcement saying that the company and Corning signed a memorandum of cooperation, and the two parties will jointly invest in the establishment of a joint venture in China to build and operate 8-generation and above LCD glass substrate production lines. Among them, Rainbow shares hold 51% equity of the joint venture. Corning holds a 49% stake in the joint venture.
It is reported that Rainbow Display Device Co., Ltd. was established in June 1992 and is one of the listed companies of Rainbow Group. The company's shares were listed and traded in Shanghai in May 1996, referred to as Rainbow shares. Corning is a Fortune 500 company and a leader in the glass substrate industry. It has the technology to manufacture high-generation LCD glass substrates.
The announcement shows that the signed joint venture cooperation memorandum meets the company's overall strategic layout and business development needs, and is conducive to the company's future competitiveness and operating performance.