On May 27, China Merchants China Fund issued an announcement stating that its wholly-owned subsidiary, Shenzhen Tianzheng Investment Co., Ltd., signed a capital increase agreement with Shanghai Xianyao Display Technology Co., Ltd. (JBD) on March 31, 2025, deciding to invest RMB 30 million in JBD to participate in its Series B financing. Tianzheng has recently completed this investment.
According to available information, JBD is a well-known Micro LED microdisplay manufacturer, specializing in the research and development and production of Micro LED technology. Its products are widely used in near-eye displays (AR/VR), micro-projection, head-up displays (HUDs), 3D printing, motion optics instruments, and light field displays, among other fields.
Currently, JBD has a mature product line of monochrome and color Micro LED light engines, covering microdisplays of various sizes, including the "Hummingbird" series of color and monochrome light engines, and the single-chip full-color "Phoenix" series of Micro LED microdisplays. In the AR glasses field, according to incomplete statistics, JBD's Micro LED microdisplays have been applied to more than 30 AR glasses products, making it one of the leading Micro LED microdisplay technology suppliers in this field.
Image source: Paixin.com licensed image library
Notably, on May 27th, Thunderbird released its X3 Pro flagship AR glasses, featuring a full-color Micro LED screen supplied by JBD. According to reports, this is the world's first mass-produced lithographic waveguide AR glasses, employing a new generation of fluorescent light engine and three-color synthesis technology. It incorporates a custom-designed red, green, and blue screen from JBD, combined with a 0.1cc ultra-small polymer Cube prism, achieving 16.7 million colors, a peak brightness of 6000 nits, an average brightness of 3500 nits, and a light engine volume of only 0.36cc.
In addition to the consumer electronics sector, JBD's Micro LED microdisplay technology has also found applications in the medical and industrial fields. In February of this year, JBD announced that it would provide the "Hummingbird I" color light engine for a medical AR glasses development project for a Japanese medical institution, creating medical AR glasses without line-of-sight interference.
China Merchants China Fund stated that the future demand for consumer-grade AR products is highly certain, and Micro LED, as a display solution for achieving lightweight AR glasses, will have high growth potential. The company expects that with the continuous iteration of JBD products and the commercialization of downstream AR terminals, JBD, as a leading company in the Micro LED micro-display field, will have excellent development prospects. The company believes that investing in JBD will further enrich its information technology investment portfolio and help optimize its overall investment structure. (Compiled)
