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Japan Display shares jump on latest report of rescue

Published 01/22/2019, 09:41 PM
Updated 01/22/2019, 09:45 PM
© Reuters. Japan Display Inc's logo is pictured at its headquarters in Tokyo

© Reuters. Japan Display Inc's logo is pictured at its headquarters in Tokyo

TOKYO (Reuters) - Shares in Japan Display jumped 11 percent on Wednesday after a report said the smartphone screen maker was in talks for funding from Taiwan's TPK Holding Co and China's Silk Road Fund in exchange for a stake of around 30 percent.

The Wall Street Journal, citing people familiar with the matter, described the talks as "advanced". Japan Display, which denied a similar report a month earlier, declined to comment.

The Apple Inc (NASDAQ:AAPL) supplier has struggled with losses due to competition from cut-price Chinese players and slowing growth in smartphone demand. Analysts have also blamed its delayed adoption of organic light-emitting diode (OLED) screens, as Apple opted for such screens for its iPhoneX and bought them from rival Samsung Electronics (KS:005930) Co.

Japan Display's biggest investor, the Japanese government-backed INCJ fund, could not immediately comment while TPK did not immediately respond to a request for comment.

© Reuters. Japan Display Inc's logo is pictured at its headquarters in Tokyo

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