Opening
BOE (京东方), China's leading display panel manufacturer, announced on May 20 a memorandum of understanding with U.S. materials company Corning to collaborate on glass-based packaging substrates, foldable glass, perovskite glass substrates, and optical interconnect applications. The announcement triggered a one-day price limit-up on May 21. The collaboration aims to leverage BOE's strengths in display devices, display modules, advanced manufacturing, and process development alongside Corning's expertise in glass materials and semiconductor advanced materials solutions to explore commercially viable technologies and market opportunities.
Glass-Based Packaging Substrate Business
BOE disclosed that it invested 993 million yuan in 2024 to build a glass-based packaging substrate pilot line. The company has sent samples to domestic customers, with some customers passing concept validation and entering the technical testing phase. However, BOE has not yet achieved mass production, and the pilot line's yield rates have not reached production levels. The timing for achieving production-level yields remains uncertain.
BOE noted that glass-based substrates represent a potential next-generation technology pathway with significant uncertainties regarding customer final technology selection and market prospects. The company flagged that future capital expenditures will be required for production line construction, equipment procurement, technology research and development, and process optimization. The ability to achieve expected investment returns remains uncertain.
Perovskite Business
Since 2024, BOE has built three research platforms for perovskite development: a glove box (25mm × 25mm), an experimental line (300mm × 300mm), and a pilot line (1200mm × 2400mm). Total investment across these platforms is approximately 1 billion yuan. The company is pursuing rigid, flexible, and stacked component technology pathways in parallel. Currently, product development is ongoing, and BOE is conducting lifespan verification work with domestic customers. The perovskite business remains in the demonstration and verification phase with no mass production revenue realized. The timing for mass production remains uncertain.
Optical Interconnect Business
BOE's subsidiary built a MicroLED chip production line in 2023. The subsidiary has produced MicroLED optical interconnect chip samples and sent samples to customers. As of the announcement date, the business has not generated sales revenue, and the timing for revenue generation remains uncertain.
Foldable Screen Business
BOE's foldable screen business began production in 2019 and has successfully launched products with multiple global brand customers. This business has achieved stable mass production and supply.
NVIDIA Clarification
Media reports suggested BOE had entered NVIDIA's supply chain through the Corning collaboration. BOE clarified on May 21 that as of the announcement date, the company has not engaged in business cooperation with NVIDIA, and media interpretations lack factual basis.
Risk Disclosure
BOE issued a risk warning stating that glass-based packaging substrate, perovskite, and optical interconnect businesses remain in the technology discussion and verification stages without mass production or mass production revenue. The company forecasts that over the next 2–3 years, these businesses are not expected to have a material impact on operating performance.
