(Yicai Global) March 22 -- Shares of Triumph Science and Technology jumped to a three-and-a-half-year high after the Chinese firm said it will spend about CNY1 billion (USD157.5 million) to expand its output of ultra-thin glass used in foldable handset displays to meet rising demand.

Triumph's stock price [SHA:600552] surged by 10 percent to CNY8.51 (USD1.30) today, the highest since October 2017.

The glass manufacturer will enlarge its plant in eastern China's Bengbu to add an annual capacity of about 15 million units, the Anhui province-based company said in a statement yesterday. The new production line should be ready by December 2022.

UTG is widely used in foldable smartphones and laptop computers, as well as rollable displays, and the expansion should attract more high-end partners for Triumph, it added.

In December 2020, Triumph said that it will spend CNY49.8 million (USD7.7 million) to build the first phase of the plant that should be operational by June.

The products will be sized from 6 to 8 inches and be as thin as 30 micrometers, the company said yesterday. The technology is jointly developed by the firm and its domestic partner. The factory should break even within seven years, including the construction period.

Editor: Emmi Laine