Chinese television manufacturer Skyworth is banking on the cutting-edge semiconductor display technologies, including organic light-emitting diodes (OLED) and mini light-emitting diodes (mini LED), as part of its broader push to drive the transformation and upgrading of the traditional TV industry.

The company will invest 6.5 billion ($1 billion) in establishing a mini LED display technology industrial park in Wuhan, the capital of Hubei province, which integrates mini LED chip manufacturing, backlight packaging and modules, and the research and development, production and sales of ultrahigh-definition display terminals.

Wang Zhiguo, chairman of Shenzhen Skyworth-RGB Electronic Co Ltd, a subsidiary of Skyworth, said the company's TV business saw considerable growth in the first half of this year, with sales revenue in the domestic market and overseas markets rising by 13.7 percent and 68.4 percent on a yearly basis, respectively.

Skyworth always focuses on the high-end market and continues to promote technological breakthroughs in the TV industry with its self-developed technologies, said Wang, adding the sales of its OLED TVs accounted for 41.6 in the domestic OLED market.

Skyworth also unveiled a series of new OLED and mini LED TV products on Thursday, bringing a new level of high color accuracy and a slimmer and sleeker look to consumers.

Wang added Skyworth will continue to deepen its efforts in OLED and high-end mini LED, and actively promote the transformation and upgrading of the TV industry.

OLED is a relatively new technology and part of recent display innovations. It has a fast response rate, wide viewing angles, super high-contrast images and richer colors. It is much thinner and can be made flexible, compared with the traditional LCD display panel.

Mini LEDs -- considered LEDs in the millimeter range, and based on self-emitting pixels, delivering an advanced contract ratio, high brightness and a wide color range -- are regarded as the benchmark in next-generation display technology.