BOE Technology Group Co Ltd, a leading Chinese display panel maker, is expanding its footprint in the integrated circuits manufacturing and design sector through their investment in a new company, according to Qichacha, a company that tracks business registrations.

With a registered capital of 209 million yuan ($30.3 million), Beijing Shiyan Technology Co Ltd is mainly engaged in the production of mobile terminal equipment and virtual reality devices, as well as the manufacturing and design of integrated circuits, said Qichacha. BOE has an 80 percent stake in the newly established company.

However, BOE didn't immediately respond to a request for comment on Thursday.

Data from the China Semiconductor Industry Association showed that the revenue of China's integrated circuit industry reached 1.2 trillion yuan in 2022, up 14.8 percent year-on-year.

fanfeifei@chinadaily.com.cn