(Yicai Global) Sept. 7 -- Shares in TCL Electronics Holdings shot up 10.91 percent today on the news that the Chinese television maker has renewed its sponsorship deal with the International Basketball Federation.
Shares in the Hong Kong-based firm [HKG:1070] closed at HKD6 (USD0.77) today.
TCL Electronics will sponsor over 20 global competitions over the next four years including both men's and women's Olympic Qualifying Tournaments, men's and women's International Basketball Champion Cups, the 2022 FIBA Women's Basketball World Cup and the 2023 FIBA Basketball World Cup, the firm said at the trade show IFA Berlin on Sept. 3.
The tie-up with FIBA, which organizes more than 500 basketball games a year that are televised to huge audiences, gives the world’s second-largest supplier of television sets a platform to accelerate its global positioning and gain better exposure of its brand and products.
The two parties first collaborated on the 2019 FIBA Basketball World Cup held in China which was watched by more than 200 million fans.
TCL has also partnered with the China Men's National Basketball Team, the China Basketball Association, the TCL-Yi Jianlian Cup and other basketball tournaments.
TCL had 12.7 percent of the world’s television market share in the second quarter, up from 9.4 percent the same period last year, according to British market research firm Omdia.
Sales of TCL-branded television sets surged 31.6 percent in the first half from the same period last year to 5.8 million units despite the downturn amid Covid-19.
Editor: Kim Taylor