HONG KONG, June 25, 2018 /PRNewswire/ -- TCL Multimedia Technology Holdings Limited today announced the official change of its name to TCL Electronics Holdings Limited ("TCL Electronics" or "Company", 01070.HK) after completing necessary name change procedures subsequent to the approval by the board of directors and shareholders. The new name will better reflect the Company's strategy of business transformation and diversification.
TCL Electronics embarked on strategic transformation in 2017. While reinforcing and strengthening its existing TV business, the Company has been proactively diversifying its business to generate new profit growth drivers. Through investments, mergers and acquisitions, and restructuring, the Company has gradually expanded its business segments to encompass smart internet TV, smart AV, smart home, and commercial display, achieving notable results.
In 2017, the Company successfully restructured Thunderbird Technology and received the investment of Tencent Digital to propel the evolution of the smart TV ecosystem and established a new business model of "Smart + Internet". In April 2018, the Company obtained the brand authorization of Japan's Onkyo Corporation, enabling the Company to delve into the smart AV market to create exquisite visual-audio and home entertainment experience for customers with the aid of its TV products. Two months later, the Company also announced that it has acquired TCL Commercial Information Technology (Huizhou) Co., Ltd., a premier asset of TCL Corporation, to expand its business model from B2C to include B2B and enter the highly promising blue ocean market of commercial display business. With this acquisition, the Company will be able to provide customers with tailor-made commercial display products and intelligent solutions that are widely applied in different environments.
The business diversification has yielded preliminary benefits. The Company will further push forward its strategic transformation by way of integrating TCL Corporation's internal and external premium home appliance business assets, leveraging the successfully established global networks and distribution channels, especially the existing influence in overseas markets to build TCL Electronics into a leading international consumer and home electronics brand.
In 2018, TCL Electronics will continue to improve operating efficiency, optimize product mix, lift product technology innovation standards, pursue business model evolution, and enhance its competitiveness and profitability in the PRC. Concurrently, the Company will pursue proactive expansion in key overseas markets to grow its global market share, so as to strengthen the TCL brand awareness and recognition globally. The renaming demonstrates the Company's determination in strategic transformation. The new name is a representation of the Company ushering in better prospects for development. The business diversification will drive the Company to achieve growth in both business scale and valuation, and empower TCL Electronics to become an international conglomerate in the electronics industry, creating greater value for shareholders.
About TCL Electronics
Headquartered in China, TCL Electronics Holdings Limited (HKSE stock code: 01070) is one of the leading players in the global TV industry, engaged in the research and development, manufacturing and distribution of consumer electronic products. Through a new product-and-user-oriented business model that focuses primarily on a "double +" strategy which includes "smart + internet" and "products + services" as the main direction, it strives to build a comprehensive ecosystem for smart TVs that provides users with an exquisite experience with its smart products and services. TCL Electronics ranked No.3 in the global LCD TV market with a market share of 10.9% for the year 2017 according to the latest IHS Technology and the Company's shipment data, and ranked No.3 in the PRC LCD TV market with a market share of 11.9% for the year 2017 according to CMM's omni-channel data. TCL Electronics is included in the eligible shares list of the Shenzhen-Hong Kong Stock Connect. For more information, please visit its website: http://electronics.tcl.com.
