Microsoft buys into TV maker

Leading Chinese television maker Sichuan Changhong Electric Co yesterday said Microsoft will buy 94 million yuan worth of its new shares to tap China's emerging digital electronic market.

Changhong Electric said in a statement to the Shanghai Stock Exchange that the company had signed a letter of intent with the US software giant to sell 15 million newly issued shares at 6.27 yuan each.

The shares will be equivalent to less than 1 percent of Changhong Electric's enlarged share capital and will not be tradable for 36 months from the day they are issued, according to the statement.