BOE, China's biggest LCD panel maker, said yesterday it would invest 46.5 billion yuan (US$6.74 billion) to build a plant in Fuzhou in Southern China to produce new-technology display panels for smartphones and other electronic devices.

The Shenzhen-listed BOE has already become one of the world's biggest LCD panel makers, along with South Korea's Samsung and LG.

BOE has established a partnership with the Fuzhou government in Fujian province for the new project.

The project will produce screens with AMOLED, or active-matrix organic light-emitting-diode, display technology, which is used in high-end smartphones and other devices.

AMOLED technology is used in Apple’s iPhone XS, iPhone XS MAX and Samsung's flagship models.

The Fuzhou government will provide financial and policy support for the project, BOE said in a statement to the Shenzhen Stock Exchange.

The facility will have the capacity to produced 48,000 units of substrate a month, which can be cut into panels used for screens for electronic devices.

BOE has already set up facilities to produce sixth-generation AMOLED displays in Chongqing, in the country's southwest.

BOE plans new US$6.75b LCD plant