Chinese TV panel maker TCL Technology Group Corp. has shut down a subsidiary that designed driver chips for displays, withdrawing from a market segment that is becoming less profitable, Caixin learned from several sources close to the company.

The Guangdong province-based company disbanded the unit, Mooresilicon (Guangdong), which had a team of fewer than 100 people, as part of a business restructuring, one of the sources told Caixin.