TCL Corporation (SZSE: 000100) revealed that a notice has been received from Century Science and Technology Investment Corporation, agreeing to exempt China Star Optoelectronics Technology (CSOT) from debts worth CNY 5.1 billion for an 8.5G TFT-LCD production line resulting from entrusted loans.
Century Science and Technology Investment Corporation is backed up by Shenzhen government for supporting the development of the IC and TFT-LCD market. The TFT-LCD project has a total investment reaching CNY 24.5 billion. Ended June 14, 2013, CSOT had received entrusted loans of up to CNY 5.1 billion from Century Science and Technology Investment Corporation.
After the second phase of the TFT-LCD project fulfilled monthly production of 90,000 glass substrates for three consecutive months, Century Science and Technology Investment Corporation applied to the Shenzhen government for exempting debts resulting from the entrusted loans.
