On April 28, China's Sichuan Changhong Electric commenced construction on an OLED (Organic Light Emitting Diode) panel production line in Chengdu, Sichuan Province, according to a report by China Securities Journal.

Changhong's Chengdu OLED panel line, named Sichuan Hongshi Display Technology, is a joint venture between Changhong and Chengdu Hi-Tech Investment Group. Total investment is estimated at 705 million RMB (US$100.7 million; US$1=7.0 RMB), and Changhong will hold a 60% stake in the venture. Construction on the production line is slated for completion in the first quarter of 2009 and production will commence immediately afterwards. Annual output is projected at 12 million units, most of which are expected to be one-inch PM (Passive Matrix) OLED panels.

Meanwhile, in response to the aftermath of the recent Sichuan earthquake, Changhong's board of directors has issued a statement announcing that production in Mianyang region is temporarily put on hold. However, no serious damages have been done to the company's facilities, and operations are expected to resume soon, according to Changhong's statement.