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| Wednesday, 9 October 2019, 12:00 HKT/SGT | |
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HONG KONG, Oct 9, 2019 - (ACN Newswire) - On October 2nd, TCL Industries Holdings Co., Ltd. (TCL Holdings), T.C.L. Industries Holdings (H.K.) Limited, and TCL Electronics Holdings Limited (1070.HK) released a joint announcement stating that parent TCL Corporation had sold restructured assets (including the equity interest in TCL Electronics (1070.HK)) to TCL Holdings, and TCL Holdings had proposed a mandatory general offer to all shareholders of TCL Electronics.
The restructuring will not change the principal businesses, management composition and the board of directors of TCL Electronics, nor its listing status on the Main Board of the Hong Kong Stock Exchange. TCL Holdings intends to continue operating the businesses of TCL Electronics, fully leveraging the experience and skillset of the existing management team. TCL Holdings will continue to focus on its smart terminal business (i.e. consumer electronics products and home appliances) and related ancillary businesses after the restructuring.
TCL Electronics, one of the leading companies in the global TV industry, is principally engaged in the research and development, manufacturing and distribution of consumer electronics products. While making vigorous efforts to propel globalization, business diversification, research and development, and AI x IoT strategic transformation, it capitalizes on its industry-leading advantages to develop Smart TV, Internet services, Smart Home, Smart AV and commercial display business in both household and commercial scenarios.
The Company dedicates itself to providing smart and healthy living products and services to users worldwide and becoming a global fast-growing smart technology company with sustainable user operating revenue. It is believed that TCL Electronics can benefit from the restructuring in aspects of accelerating business innovation, optimizing resources and improving corporate efficiency, so as to fully unleash the Company's transformation and transition to the high-end of the industry to raise corporate values.
--TCL Electronics delivers outstanding business results and anticipates higher operational efficiency after restructuring--
TCL Electronics possesses apparent advantages in the Smart TV, Internet service, Smart Home and commercial display businesses while among them, the TV business delivers the most outstanding performance. In the first half of 2019, TCL Electronics ranked No.2 in terms of shipment in the global TV market, with a market share of 14.3%, closely trailing Samsung. In particular, TCL Electronics achieved the largest growth in global market share up by 2.5 percentage points year on year, among the top 10 TV brands.
TCL Electronics' financial performance remained in an uptrend. In the first half of 2019, it recorded a turnover of HK$22.72 billion, up by 8.0% year-on-year; profit attributable to owners of the parent of HK$1.36 billion, a rise of 138.1% year-on-year; profit attributable to owners of the parent after deducting one-time non-operating gain of HK$554 million, representing an increase of 32.9% year-on-year.
TCL Electronics is placing a keen focus on globalization and business diversification. With respect to globalization, it continues to broaden its global layout and the overseas business maintains robust growth. As of the first half of 2019, the sales volume of TCL brand TVs in overseas markets significantly increased by 49.8% year-on-year to 7.07 million sets, and the turnover increased notably by 32.5% year-on-year to HK$10.77 billion. It remains focused on TOP10+N major overseas markets and explores opportunities in new markets, such as India, Japan and Russia. Moreover, it has a well-established global manufacturing layout in China, Poland, Mexico, South America, India and Vietnam. It strives to further consolidate the competitive advantages of its global operation and integrated supply chain.
Meanwhile, the Company is developing global Internet business in full gear to serve users worldwide. In the first half of 2019, the revenue of its Internet business amounted to HK$350 million, an increase of 125.2%. In particular, with deepened partnership with Google and Roku, the Company for the first time generated a revenue of HK$96.02 million from its overseas Internet business, gaining new competitive edges in the ecosystem. Falcon Network Technology (the Internet business operating platform of the Company that is mainly active in the PRC market and some overseas markets) reported a revenue of HK$250 million in the first half of the year, up by 63.3% year-on-year, with net profit margin reaching 30.7%, which indicates the growing profitability of the Company's proprietary Internet business.
In addition, TCL Electronics is actively developing full categories of smart terminal products, and it has launched new businesses, such as Smart AV and Smart Home, therefore creating new room for growth and tapping tremendous profit growth potential. In the future, by way of the "software + hardware + services" model, the Company will continue to grow its profits and reinforce its competitive strengths.
Topic: Press release summary
Sectors: Electronics, Daily Finance, Digital
http://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2019 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
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