HONG KONG, Nov. 12, 2014 /PRNewswire/ -- TCL Corporation Holdings Limited ("TCL Corporation"; SZSE stock code: 000100), TCL Communication Technology Holdings Limited ("TCL Communication", HKSE stock code: 02618) and TCL Multimedia Technology Holdings Limited ("TCL Multimedia", HKSE stock code: 01070) announced today the establishment of a joint venture to jointly invest in and develop the TCL Smart Home businesses.
To speed up the implementation of "Double +" strategic transformation, adopt "intelligence + internet" as the main transformation direction and build a user-centric business model base on "products + services" operational philosophy, the joint venture is established to effectively lead the integration of resources and product portfolios among different business units of TCL group, so as to achieve operation synergies.
Under the Joint Venture agreement, TCL Corporation, TCL Communication and TCL Multimedia respectively own 30%, 40% and 30% equity interests of the joint venture by investing their pro-rata shares of RMB27 million, RMB36 million and RMB27 million, respectively. The total investment of the joint venture amounts to RMB90 million.
TCL Smart Home will leverage the smart integration of mobile Internet, big data and cloud computing in capturing the broad prospects for development of the Internet of Things. By downloading a single Smart Home application to tablets, smartphones or smart TVs, users can remotely monitor and control all household appliances, including smart TVs, smartphones, air-conditioners, refrigerators, etc., that comply with the smart home industry standard released by the AllSeen Alliance (a cross-industry cooperation aiming at advancing adoption of the Internet of Things) anytime, anywhere. The application is easy to learn and will bring users a comprehensive intelligent home experience, making living more convenient, healthier, energy-saving, economic and fashionable.
Mr. Li Dongsheng, Chairman of TCL Corporation, TCL Communication and TCL Multimedia, said, "Over the past few years, TCL has been striving to establish its competences through vertical integration that encompass 'TV panel / LCD Display Module - Components - smart TV / Smartphone', 'Smart TV / Smartphone – O2O', etc. In the future, the Smart Home businesses will unleash a new breakthrough to the horizontal integration of TCL products and services and build competitive advantages. The establishment of the joint venture represents the resources integration as well as interconnection and interaction among TCL Corporation, TCL Communication and TCL Multimedia. It realizes the synergies and strengths through this trilateral collaboration and brings the most comprehensive and competitive one-stop Smart Home experience to the market. We are confident that the joint venture will mark a new milestone for TCL Smart Home businesses. Aiming to improve the Group's long term competitiveness and deliver better value for shareholders and investors, we will ride the wave of the rapid development of Smart Home businesses throughout the transformational development."
About TCL Corporation
Founded in 1981, TCL is one of the largest consumer electronics enterprises in China with a global presence. TCL Corporation has four listed companies: TCL Corporation (SZ.000100), TCL Multimedia (1070.HK),TCL Communication (2618.HK) and Tonly Electronics (1249.HK). Currently, TCL Corporation has set up five business units – TCL Multimedia Holdings, TCL Communication Holdings, China Star Optoelectronics Technology, TCL Home Appliances Group and Tonly Electronics Holdings, as well as five business groups – System Technology Unit, Techne Group, Emerging Business Group, Investment Group and Highly Information Industry.
In 2013, the brand value of TCL had reached RMB63.916 billion, retaining as the No. 1 TV brand in China. For more information, please visit its website at http://www.tcl.com
About TCL Communication
TCL Communication Technology Holdings Limited (HKSE stock code: 02618) designs, manufactures and markets an expanding portfolio of mobile and internet products worldwide under two key brands – ALCATEL ONETOUCH and TCL. The Group's portfolio of products is currently sold in China and over 160 countries throughout the Americas, Europe, the Middle East, Africa and Asia Pacific. Headquartered in Shenzhen, China, TCL Communication operates its highly efficient manufacturing plant and R&D centers in various provinces of the PRC. It employs over 16,000 people in China, Hong Kong and overseas.
TCL Communication is one of the few companies in Hong Kong or China who owns or licenses 2G, 2.5G, 2.75G, 3G and 4G patented technologies. It is also able to independently develop products and solutions for the GSM, GPRS, EDGE, CDMA, WCDMA, TDSCDMA and LTE. For more information, please visit its website at http://tclcom.tcl.com.
About TCL Multimedia
Headquartered in China, TCL Multimedia Technology Holdings Limited (HKSE stock code: 01070) is one of the leading players in the global TV industry, mainly engaged in the research and development, manufacturing and distribution of consumer electronic products. The Group adopts a new user-oriented business model that focuses primarily on a "double +" strategy which includes "intelligence + internet" and "products + services" as the main direction, striving to become a global entertainment technology enterprise that provides integrated entertainment solution to customers.
According to the DisplaySearch report, the Group ranked No.4 in the global LCD TV market share with a 5.5% market share in the first half of 2014. The Group remained its No.1 position in the PRC LCD TV market with a market share of 17.1%. For more information, please visit its website: http://multimedia.tcl.com.
