China's State Asset and Reform Commission reports that Sichuan Shiji Shuanghong Display Company, a joint venture company between Changhong and IRICO Group Electronics, has acquired 75% of the stake of Sterope for US$99.9 million, hence becoming an indirect shareholder of Orion PDP, the third largest plasma manufacturer in the world.

Sterope is an investor of Orion PDP, a South Korean industrial plasma panel manufacturer engaged in the research, development, manufacturing and sales of display products.

Shiji Shuanghong was set up in July 2006 with Changhong and IRICO Group each holding 50% of the company's stake, and it is aiming to be the top panel manufacturer in China and a first class panel manufacturer in the world.

The acquisition, which involves a huge amount of investment, may prompt some pressure for Shiji Shuanghong, but it will certainly provide top technology and material necessary for Chonghong's plasma television business and increase its competitiveness in the market.