Chenhong and JDI terminate the LCD business cooperation agreement
JDI only issued a statement on the 7th that the company has formally signed a contract with a Chinese-funded company and will receive 80 billion yen in financial support. TPK-KY Chenhong (3673), which previously withdrew from investment negotiations, announced on the 9th that after mutual agreement, the company terminated the LCD business cooperation agreement with JDI.
JDI needs external financial assistance due to its insolvency and has negotiated capital injection with many companies since last year. In April this year, China Harvest Fund and the private companies of Chen Hong and Fubon Caijia jointly announced their shareholding in JDI. Chen Hong also signed an LCD business cooperation agreement with JDI to jointly expand the automotive panel application market.
However, JDI's financial black hole is too big. When conducting financial audits, companies such as Chenhong and JDI have different views, which has repeatedly delayed the negotiation schedule. While Chen Hong and Fubon Caijia Private Company announced their withdrawal from the JDI investment case in June, but the LCD business cooperation agreement between the two parties will continue to be negotiated.
JDI announced on the 7th that it has received financial assistance from China Harvest Fund and Hong Kong hedge fund Oasis Management. However, the time point for the capital injection of Chinese-funded companies has been delayed. JDI’s extraordinary general meeting of shareholders for the capital injection will be postponed to the end of September, and it is estimated that the capital of 50 billion from China will not be injected until mid-October this year. Part of the funds may not be available until the second half of 2020.
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