TCL chief to buy $41m in direct share sale

TCL Group plans to issue US$229 million-worth of shares in a private placement to fund the development of an LCD module project, China Business Net reported (in Chinese). Li Dongsheng, the Chinese electronics company's director and chief executive, will personally acquire US$41 million in the sale. Other buyers were not mentioned. TCL said the LCD project will increase the company's competitive strenghth and value-added space. While the project will not likely make a profit in the short term, said an analyst from Guangfa Securities, Mr Li's personal acquisition will help to build investor confidence. Li's personal assets are estimated at around US$74 million.