In response to rumors that Changhong Electric, the fifth largest LCD TV vendor in China, overstated its revenues by nearly five billion yuan (US$732 million) and some of its 2008 financial figures are faked, AU Optronics (AUO) and Chi Mei Optoelectronics (CMO), which have close business relations with Changhong, are making efforts to understand the situation, according to industry sources.
CMO yesterday sent executives to Changhong to understand the situation, the sources said. AUO is also trying to verify the rumors in Chinese media reports, as the two companies have a LCD module (LCM) joint venture in Sichuan, China, the sources noted.
The reports cited Changhong as denying the rumors. Stressing that all financial reports have been audited by the authorities, Changhong accused a former employee of spreading the rumors, according to the reports.
Taiwan-based panel makers have noted that all payments from Changhong remain normal, the sources said.
CMO yesterday sent executives to Changhong to understand the situation, the sources said. AUO is also trying to verify the rumors in Chinese media reports, as the two companies have a LCD module (LCM) joint venture in Sichuan, China, the sources noted.
The reports cited Changhong as denying the rumors. Stressing that all financial reports have been audited by the authorities, Changhong accused a former employee of spreading the rumors, according to the reports.
Taiwan-based panel makers have noted that all payments from Changhong remain normal, the sources said.
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