TCL bets on 'intelligent homes'

Chinese consumer electronics giant TCL Corp is bullish on the prospects of the domestic air conditioner market, which enjoys great development potential, as annual sales of its air conditioners are set to surpass 10 million units by the end of this year.

"TCL has achieved eight consecutive years of rapid growth and is the fastest growing enterprise in the air conditioner industry. We will strengthen internal synergy and cooperation with our partners, as well as increase mergers and acquisitions in the future," said Li Shubin, vice-president of TCL.

In the past three years, TCL has spent more than 500 million yuan ($76.4 million) on the R&D of air conditioners, and invested 220 million yuan in this area in 2016 alone. Currently, its air conditioning unit holds 1,842 independent intellectual property rights, including 297 patents.