(Yicai Global) Dec. 1 – Shares of Triumph Science & Technology jumped after the Chinese display manufacturer said it will spend CNY49.8 million (USD7.6 million) to construct a production line for ultra-thin glass to respond to the fast-growing demand by flexible and foldable device makers.

Triumph's stock price [SHA:600552] soared by the 10 percent daily limit today to CNY7.04 (USD1.10), the highest since September.

The plant will be built in eastern China's Bengbu to make from six to eight-inch glass displays as thin as 30 micrometers, the Beijing-based firm said in a statement released yesterday. That would be as little as 0.03 millimeters. Mass production should begin by June 2021.

The project should bring more than CNY300 million (USD45.6 million) in annual revenue to its parent, Triumph said, without disclosing pricing or output details.

Ultra-thin glass is a major raw material for flexible and foldable devices, including handsets and laptops, and the new products should help Triumph gain more high-end partners, it said. Triumph has a technological advantage to mass-produce this leading domestic technology, tested by its laboratories, and the parent may increase the output based on market demand, it added.

Editor: Emmi Laine