TCL Technology Group Corporation completed the acquisition of Tianjin Zhonghuan Electronic and Information Co., Ltd. from Tianjin Bohai State-Owned Assets Administration Co.,Ltd and Tianjin Jinzhi State-owned Capital Investment Management Co., Ltd.
December 30, 2020
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TCL Technology Group Corporation (SZSE:000100) made a bid to acquire Tianjin Zhonghuan Electronic and Information (Group) Co., Ltd. from Tianjin Bohai State-Owned Assets Administration Co.,Ltd and Tianjin Jinzhi State-owned Capital Investment Management Co., Ltd. for CNY 11 billion on June 24, 2020. Tianjin Bohai State-Owned Assets Administration Co.,Ltd would sell 49% stake and Tianjin Jinzhi State-owned Capital Investment Management Co., Ltd. would sell 51% stake. The Board of Directors of TCL Technology Group Corporation held the 2nd Extraordinary meeting and 28th Meeting of the 6th Directorate and the 4th Extraordinary shareholders Meeting of 2020, and approved participating in the bid. As on July 15, 2020, TCL Technology Group Corporation was announced as the winner of the auction. On September 8, 2020, the State Administration of market supervision and administration and Tianjin SASAC completed the approval process of this transaction.
TCL Technology Group Corporation (SZSE:000100) completed the acquisition of Tianjin Zhonghuan Electronic and Information (Group) Co., Ltd. from Tianjin Bohai State-Owned Assets Administration Co.,Ltd and Tianjin Jinzhi State-owned Capital Investment Management Co., Ltd. on December 30, 2020.
TCL Technology Group Corporation (formerly TCL Corporation) specializes in the design, manufacturing and marketing of general public telecommunications and electronic equipment. Net sales break down by activity as follows:
- manufacturing and sale of semiconductor display panels and modules (61%);
- sale of consumer electonics products (29.4%): TVs, cell phones, computers, camcorders, audio products, home appliances, etc.; and
- manufacture and sale of photovoltaic materials and semiconductor components (7.4%): semiconductor devices, silicon wafers, photovoltaic modules and components, etc. In addition, the group develops and operates photovoltaic power plants;
- other (2.2%).
At the end of 2020, the group has 22 production sites worldwide.
China accounts for 70.6% of net sales.
TCL Technology Group Corporation completed the acquisition of Tianjin Zhonghuan Electronic and Information Co., Ltd. from Tianjin Bohai State-Owned Assets Administration Co.,Ltd and Tianjin Jinzhi State-owned Capital Investment Management Co., Ltd.