According to Research Firm DisplaySearch, there are more than 23M Flat Panel TVs sold in China in 2009, a 76% increase from 2008. It also indicates that China will bypass USA in 2012 to become one of the largest Flat Panel TV markets with annual sales close to 40M units. Because of the strong demand, Samsung Electronics, LG Display and Sharp Electronics have all announced plan recently to build manufacturing base in China. According to China Techweb, Samsung Electronics has signed an agreement with a Chinese manufacturer to setup a plant in SuZhou and LG Display is planning to setup a factory in GuangZhou. Sharp has signed an agreement with CEC Panda to move one of the Japanese manufacturing facilities to Nanjing and also plan to setup a local factory in China.