TCL eyes HDTV
26/2/2004 13:06
Guangdong-based TCL Corp. will invest 500 million yuan (US$60 million)
to develop high definition TV, the first investment the group announced after
its share offering of A shares earlier this year, today's Beijing Times
reported.
As planned, the group will build an industrial park in Wuxi
High-Tech Industrial Zone, its first industrial park outside Guangdong Province,
the report said.
According to Shi Wanwen, vice president of TCL's multimedia
division, his division, as well as the electric division, will be the first TCL
units to move into the park, along with production of high-definition TV sets,
rear-project TV sets, plasma TV sets, liquid displayer TV sets and electric
products.
Analysts expect TCL will make more aggressive investments this
year. They said it chose Wuxi for the first investment because the Jiangsu city
is home to China manufacturing centers of many overseas home appliance giants,
including Sony, Samsung, and Philips.
A production chain has been established
there for the home appliance industry. It will help save costs for TCL's new
park.
TCL Corp issued and offering of a combined 994.40 million Class-A
shares on the Shenzhen stock market from January 7, after a stock swap with its
listed subsidiary TCL Communication Equipment Co Ltd.
Jane Chen / Shanghai Daily news
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