(Yicai Global) Oct. 16 -- TCL Group Co. [SHE:000100] said that it will transfer 49 percent of the shares of its mobile phone company, TCL Communication Technology Holdings Ltd. [HSI:02618] (TCL Communication), to Tsinghua Unigroup [SHE:000938] and two other companies.
After the completion of the share transfer, TCL Communication will still be TCL Group's holding subsidiary, a TCL Group insider said.
After investing in Guangdong-based electronic products manufacturer TCL Group's mobile phone business, Tsinghua Unigroup will provide more support for mobile phone chips and other core businesses, Tencent Financial quoted Tsinghua Unigroup Chairman Zhao Weiguo as saying. The company will focus on developing Internet of Things chip technology, he said.
TCL Group and Tsinghua Unigroup jointly set up a USD1.5 billion (CNY10 billion) merger and acquisition fund last year to focus on investing in upstream and downstream TMT (Technology, Media, and Telecom), industry 4.0, Internet Plus and other sectors.
Tsinghua Unigroup has years of experience with mobile phone chips, memory and other key components. TCL Communication was one of its clients for many years. The introduction of Tsinghua Unigroup as a strategic investor in TCL Group will effectively enhance the efficiency of its mobile phone production and reduce costs.