With CEC’s intention to sell CEC-Panda, Chinese panel makers like BOE, ChinaStar and Tianma joined the bidder. ChinaStar, along with its mother group TCL, is estimated to be the most likely bidder to merge CEC Panda. The analysis is based on the scenario of ChinaStar and CEC Panda merge. However, it does not indicate that such a merger is already confirmed. ChinaStar and CEC Panda have been discussing the merger, but the negotiation is taking a longer time than expected. This merger is not yet confirmed and is still dependent on the ongoing negotiations. It is also possible that both companies decide to remain independent, and there might not even be an alliance or a merger.