TCL Corporation, 1/06/15
Chinese consumer electronics manufacturer TCL Corporation (000100.SZ) has announced that is has signed a letter of intent to form a strategic partnership with Chinese real estate conglomerate Dalian Wanda Group, under which TCL will become a cornerstone investor in Wanda e-commerce venture, Wanda E-commerce, and a strategic supplier to Wanda's various commercial properties.
TCL will acquire a USD 100 mln stake in Wanda E-Commerce, the Hong Kong-based e-commerce joint venture between Wanda and internet firms Tencent (0700.HK) and Baidu (Nasdaq: BIDU). TCL will also become a strategic supplier of commercial-use display products, including TV sets, illumination products, air conditioners, smart appliance systems, and other products to Wanda's commercial properties, hotels, movie theater and department stores.
TCL will also develop and produce custom hardware and software solutions for Wanda under the partnership.
Editor's Note: For more background on this topic, please see "Wanda E-commerce JV Receives RMB 1 Bln Investment" MD 1/05/14 issue.