China’s fourth largest handset manufacturer, TCL Communication Technology Holdings Ltd, announced on Sunday that it will list by way of introduction on the main board of the Hong Kong Exchanges and Clearing Ltd. (HKEx). The handset manufacturing arm of consumer electronics group TCL Corp said that dealings in the shares are likely to commence on September 27. The listing prospectus also indicated that the company would be seeking acquisitions as it looks to grow, though no targets have been identified yet.
The news comes on the back of the formal creation on August 31 of TCL-Alcatel Mobile Phones Ltd, a venture between TCL Communication (55%) and France’s Alcatel (45%). According to TCL Communication Chairman Tomson Li, TCL hopes to sell eleven million handsets in 2004 (up from 9.8 million in 2003).