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Daily News

TCL to Hold Off on Spinoffs
Apr 12, 2004
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TCL Corp., a major Chinese consumer electronics and mobile-phone maker undergoing restructuring, has no plans to spin off and list other units for at least a year, the state-owned China Securities Journal reports.

The Shenzhen-based firm is already preparing to spin off its mobile handset business and list it in Hong Kong.

"After listing TCL's mobile phone unit, the company will not list other units for the next 1 or 2 years," Chen Huaming, TCL's board secretary, told the newspaper.

TCL Corp. recently said that its partly-owned mobile handset business applied to be listed on the Hong Kong stock exchange through a holding company.

The move is part of restructuring efforts that included TCL Corp. debuting on the Shenzhen Stock Exchange earlier this year in place of a former unit that was merged with the parent in a stock-swap initial public offering. (Dow Jones)

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