TCL Corporation, China's second largest mobile phone and TV manufacturer, launched an initial public offering (IPO), issuing about 1 billion A shares on the Shenzhen Stock Exchange.
The listing marks the end of a three-year hiatus on the Shenzhen bourse, which began suspending new share issuance and IPOs in 2000.
TCL said about half of the proceeds raised in the IPO would be used to acquire companies in the same business and the rest will go towards its new projector TV projects as well as technological innovation.
The company is expanding rapidly overseas with offshore sales targeted to increase 40 percent for 2003.
A new venture with French company Thomson is expected to be the world's biggest color TV supplier, distributing more than 18 million colour TVs a year – about 10% of global market sales.
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