HTC president for global sales Chia-lin Chang told the company's latest general shareholders meeting that alliances were needed to help HTC enhance its competitiveness and play a more important role in the growing global VR market.

The outfit is currently tied in with game developers like Valve which will help it ramp up shipments of the HTC Vive.

VR is a very important technology for HTC, and it will eventually generate profits from the technology as VR applications take hold in the education, healthcare, shopping and entertainment sectors over the next decade.

As a result, HTC needs strategic partners as well as investors to maintain its leading market position and sustain its mid-range to long-term earnings targets, Wang added.