Japanese Sharp entered a US$2.9 billion business alliance with CEC (China Electronics Corporation) to make LCD (Liquid Crystal Display) panels in China, as reported by Nikkei Shimbun on June 27. Through a joint venture in which CEC holds a 92% stake, the two companies will set up an LCD factory in Nanjing, China, with the goal of mass producing IGZO (Indium Gallium Zinc Oxide) panels for TVs, notebook PCs, tablets, and smartphones as early as 2015. The facility is expected to have a monthly capacity of five million units. Sharp is entitled to buy up to half of the output. By licensing the flagship IGZO panel technology, Sharp will receive hundreds of millions of US dollars in return, according to the report.