(Yicai Global) Feb. 1 -- Hisense Visual Technology, a unit of Chinese white goods giant Hisense, has paid nearly USD240 million to gain control of China’s third-biggest light-emitting diode chipmaker.

Hisense Visual bought a 22.9 percent stake in Changelight, which specializes in semiconductor optoelectronic products, the Qingdao-based LED manufacturer said yesterday. Changelight Chairman Jin Zhangyu was also made a vice president of Hisense Visual.

The acquisition is aimed at strengthening Hisense Visual’s strategic layout in the display industry chain and accelerating its research, development, and promotion of new technologies such as mini and micro LEDs, the company added.

Shares of Hisense Visual [SHA: 600060] finished up 0.9 percent at CNY15.42 (USD2.29) each today, after earlier gaining by as much as 2.6 percent. Changelight [SHE: 300102] added 0.7 percent to close at CNY7.02 (USD1.04). 

Other leading Chinese display and panel makers, such as BOE Technology Group and TCL Technology Group, have also entered the chip-making business.

BOE said last November that it planned to gain control of HC Semitek, China’s second-largest LED chipmaker, by taking a 23.1 percent stake for over CNY2.1 billion (USD311.1 million). Sanan Optoelectronics, China’s No. 1 LED chipmaker, recently strengthened its cooperation with TCL by setting up a joint venture to accelerate the industrialization of micro LED chips.

Editors: Shi Yi, Futura Costaglione