TCL Corp, a leading Chinese television and mobile phone manufacturer, has scrapped its plan of injecting RMB 300 million to a Hong Kong unit, according to the company's filing with the Shenzhen Stock Exchange on Wednesday.
The Huizhou-based company will still proceed with its previous fundraising plan to expand its LCD television production. However, the size of the share placement will be cut to RMB 1.39 billion from RMB 1.69 billion.
The shares will be sold to ten investors. TCL's chairman Li Dongsheng will acquire about 18% of all the shares to be issued.
The issue price will be not less than the average closing price of 20 trading days prior to the general share holder meeting to be held on Oct. 10.
Earlier reports said the company would invest RMB 728 million and RMB 654 million respectively in two LCD television projects.
The plan is still subject to the approval from China Securities Regulatory Commission (CSRC).
Source:China Knowledge
