South Korean OLED equipment maker targets Chinese market

Shindo Kiyeon, a display equipment maker, announced that it would take a leap forward by focusing on the Chinese organic light emitting diode (OLED) market.

At the press conference held in Yeouido, Seoul on the 18th, CEO Shin Do-ki of Woong-ki Park said, “We have unique technology in the field of cementation and degassing.” .

Founded in 2000, Shindo Giyeon is mainly developing and producing liquid crystal display (LCD) and OLED post-processing equipment. The main products are equipment for laminating panels and various parts at the post-process stage of display panel manufacturing and autoclave equipment for removing micro bubbles.

Shindo Kiyeon developed a vacuum cementing machine in 2008 by applying a uniform pressure in a vacuum in a vacuum chamber. The vacuum coalescence machine has less material constraints and can reduce the inflow of air bubbles than the roll coalescence machine where rollers pass over the substrate and apply pressure to the film. 

When new display types such as flexible and foldable appeared, Shindo Kiyeon developed the world’s first curved vacuum cementing machine. The company currently has a lineup of vacuum cementing machine products, such as △fixed plane (rigid OLED, LCD) △two-sided, four-sided curved (flexible OLED) △foldable curved (foldable OLED).

The core technologies of the company’s vacuum cementing machine are silicon pad bonding technology that evenly transmits the attachment pressure to the edge type at the edge of the panel, and diaphram technology that uniformly adheres to all areas. Silicon pad bonding delivers even pressure to the front of the panel in line with flexible OLEDs, where defects often occur depending on pressure strength. Diaphragm technology pushes the elastic, thin-formed partitioning plate together with the motor and cylinder forces to join the entire concave curved surface.

Defoaming is also the main product of the company. It is a device that removes air bubbles and improves adhesion during the bonding process. Shindo Kiyeon developed the world’s first single-sided defoaming machine that improved the bubble removal effect by dividing the panel into sheets in a rectangular thin sealed container and applying heat by conduction.

Shindo Kiyeon’s curved vacuum bonding machine is supplied to Samsung Display and used in flexible OLED and foldable displays. It is also supplying to China BOE, Tianma, Visionox, and CSOT. Shindo Giyeon plans to focus on expanding its market share in the Chinese display market.

At the same time, the company plans to expand its business to the hydrogen fuel cell equipment and vacuum glass market by utilizing the bonding and defoaming technology. Currently, the hydrogen fuel cell field develops and supplies membrane electrode assembly (MEA) bonding equipment that moves hydrogen ions. Vacuum glass is also promoting the development of new 3rd generation vacuum glass manufacturing equipment.

The total number of public offerings of Shindo Giyeon is 1.3 million shares. The public offering price per share is between 14,000 and 16,000 won. The contest will raise a maximum of 20.8 billion won. It is expected to go public next month after forecasting demand for institutional investors on the 22nd and 23rd and general subscription on the 25th and 26th.