TCL Corp announced that it plans to spin off its mobile phone business, TCL Mobile, in preparation for listing in Hong Kong. After approval by the company's board of directors, the plan still requires shareholder approval. Under the plan, TCL International Holdings, the Hong Kong-listed unit of TCL Corp, will apply to sell shares of TCL Mobile on the Hong Kong stock exchange. TCL International holds a 40.8% stake in the mobile phone unit and Shenzhen-listed TCL Corp owns 36% in the company. The remaining 23.2% is owned by two Hong Kong venture capital funds and senior managers from TCL Mobile.