The Harvest Group cancels its plans to invest in Japan Display

In August 2017, Japan Display announced a last-resort strategic focus on OLED displays as the Japanese display maker failed to shift to OLED displays in time. Two years later, in July 2019, the company announced that it finally secured the 80 billion Yen (around $740 million) bailout plan from the China-based Harvest Group, Hong Kong-based activist investor Oasis Management and an unnamed JDI customer - which is likely to be Apple.

Unfortunately for JDI, the Harvest Group decided not to move forward with the investment after all. The Harvest Group was supposed to provide most of the funds for JDI which could put the Japanese display maker in a difficult position.

JDI hosted a press conference, saying that it is not worried for the short term, as it is on track to raise $430 million from the Oasis Management group and its clients. JDI says that the funds will be secured next month or in November. JDI further reveals that its unnamed client is considering a large $200 million investment.

JDI also received a 20 billion Yen ($185 million USD) investment from the Japanese Innovation Network Corporation of Japan. These funds will help the company survive the near future, but the question remains whether it will be able to secure enough funds to begin mass producing OLED displays.

According to an earlier report from Reuters, JDI will start supplying Apple with OLED displays for its 2019 smartwatch device.

Posted: Sep 29,2019 by Ron Mertens