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TCL's mobile branch seeks HK IPO
( 2004-01-08 10:30) (chinadaily.com.cn by Shen Wei)

TCL Comms, the mobile branch of TCL Corp, China's second-biggest TV and mobile phone maker, plans to launch an initial public offering in middle of this year in Hong Kong, according to a local newspaper report.

TCL Comms has hired world-leading account agency Ernst & Young to handle the audit work ahead of the offering, the Beijing Times newspaper reported today, quoting an unidentified TCL Comms official. Preparation began a year ago, said the official.

Industry analysts said new funding is crucial for TCL Comms' further development as competition in the domestic mobile phone market heats up.

TCL Corp launched a domestic IPO Wednesday in Shenzhen, allowing shareholders of TCL Comms to swap their stock for the IPO shares. It raised about 2.5 billion yuan (US$302 million). However, the official said most of the funds are to be invested in TCL's home appliance manufacture sector and technological upgrading.

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