By Gabby Chen

(JW Insights) May 6 -- BOE Technology (京东方), a leading Chinese display panel maker, established a new company of IC design and manufacturing, according to Qichacha, provider of Chinese corporation registration, reported China Daily on May 4.

The new company - Beijing Shiyan Technology (视延科技) - has a registered capital of RMB209 million ($30.3 million) and is also engaged in the production of mobile terminal equipment and virtual reality devices, said Qichacha.

BOE holds an 80 percent stake in the newly established company, which is seen as an attempt to expand its presence in the IC design and manufacturing sector.

Data from the China Semiconductor Industry Association (CSIA) showed that the revenue of China's IC industry reached RMB1.2 trillion ($170 billion) in 2022, up 14.8 percent year-on-year, said the China Daily report.