This paper develops a framework analyzing activities in a collaborative value chain. The research identifies the functions of product lifecycle management (PLM) required to collaborate and integrate members of value chains across different organizations in three types of business models. The liquid crystal display (LCD) industry is used as a case study to explain the value system framework and its PLM adoption. In more specific details, this research further investigates product-specific value chain activities, i.e., a mobile phone integrator (with small-size LCD display as its component), to gain insights about the value chain characteristics. Finally, this paper depicts a conceptual architecture of the PLM for LCD collaborative product commerce (CPC) and lists important modules of PLM supporting key activities of LCD industry's value system.