The world's largest polarizer production base Shanjin Optoelectronics set up its headquarters in the county-level city of Zhangjiagang, Suzhou in East China's Jiangsu province on April 16. [Photo/WeChan account: zhangjiagangfabu365]

Ningbo Shanshan Group concluded its deal to buy the business assets of South Korea's LG Chem Polarizer on April 16. This acquisition means that the headquarters of Shanjin Optoelectronics, the world's largest polarizer production base, has been officially established in the county-level city of Zhangjiagang, Suzhou in East China's Jiangsu province, according to a local news report.

Ningbo Shanshan Group, the world's largest comprehensive supplier of li-ion battery materials, invested $1.1 billion to set up its corporate headquarters, production base and research and development base in the Zhangjiagang Economic and Technological Development Zone in 2020.

Shanshan Group acquired 70 percent of the shares of LG Chem's polarizing films and related assets by means of capital increase.

Shanjin Optoelectronics will explore ways to increase production capacity and produce more competitive products. The company will also promote self-dependent innovation and ensure that it is competitive in the global market.

Yang Zhiping, vice-mayor of Suzhou, said that the city will speed up efforts to foster a law-based, international and convenient business environment, and attract more high-quality projects to Suzhou.