TCL's mobile branch seeks HK IPO
( 2004-01-08 10:30) (chinadaily.com.cn by Shen Wei)
TCL Comms, the mobile branch of TCL Corp, China's second-biggest TV and
mobile phone maker, plans to launch an initial public offering in middle of this
year in Hong Kong, according to a local newspaper report.
TCL Comms has hired world-leading account agency Ernst & Young to handle
the audit work ahead of the offering, the Beijing Times newspaper reported
today, quoting an unidentified TCL Comms official. Preparation began a year ago,
said the official.
Industry analysts said new funding is crucial for TCL Comms' further
development as competition in the domestic mobile phone market heats up.
TCL Corp launched a domestic IPO Wednesday in Shenzhen, allowing shareholders
of TCL Comms to swap their stock for the IPO shares. It raised about 2.5 billion
yuan (US$302 million). However, the official said most of the funds are to be
invested in TCL's home appliance manufacture sector and technological
upgrading.
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