TCL setting up new LCD production line

Shares of TCL Corp surged, to the daily trading limit of 10 percent yesterday, to 4.57 yuan, after the appliance and top TV maker said it was setting up a thin film transistor-liquid crystal display (TFT-LCD) production line in alliance with the Shenzhen government.

The new 8.5-generation technology production line would be set up with an investment of nearly 24.5 billion yuan, said company executives.

TCL plans to form a 50-50 joint venture with the Shenzhen government-owned Shenchao Technology Investment Ltd. Both the firms would contribute 5 billion yuan each as registered capital for the venture.