LG InnoTek has sold 1,046 patents in South Korea related to LED technology to Chinese companies Suzhou LEKIN Semiconductor as of Monday, TheElec has confirmed.
The South Korean firm had handed over 114 patents to LEKIN on July 2.
LG InnoTek has filed for ownership changes of the patents on July 15, 20, 20 and 22, data from South Korea patent portal Kipris run by the Korean Intellectual Property Office showed.
In total, LG InnoTek has handed over 3,024 patents related to LED in South Korea and the US to LEKIN so far.
Back in May 20, the South Korean component maker had handed over 1,968 LED patents to the Chinese firm. US patents sold to LEKIN in total now stands at 1,978.
The 1,046 patents in South Korea that has recently been confirmed to be sold are yet to be registered in South Korea. However, a lot of them are registered as family patents in Europe, China and Japan, and can be used in patent disputes in those countries.
The patents in South Korea can also be used to give preferred status to patents filed in other countries, where the date that the patents have been filed in South Korea can be accepted in other countries.
LEKIN is registered as a semiconductor, electronic component and machine equipment company. It could build a fab later but is yet to manufacture any products.
LEKIN is owned by various entities, each owning shares ranging from 8% to 17%. This includes CEO Guilin Shuang, who owns a personal stake of 16.37%.
The company could attempt to use the patents in bought for patent infringement litigation.
Last year in October, LG InnoTek has made it official that it plans to exit the LED business. The company had already decided a year prior to that that it plans to end the business. However, the pandemic has caused selling of related assets to be delayed.
LG InnoTek is however planning to continue parts of the LED business for automobile lighting.
In 2018, the company had filed patent infringement lawsuit against US LED firm LOFTK. In 2019, it also filed similar lawsuits against South Korean LED firms Seoul Semiconductor and Seoul Viosys in the US.