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2007-9-17 11:14:00 a.m. HKT, XFNA
China's TCL to invest up to 1 bln yuan in stock market
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BEIJING (XFN-ASIA) - TCL Corporation (SZA 000100) said it plans to invest
up to 1.0 bln yuan of its own fund in the stock market, mainly subscribing to
initial public offers by other companies.
In a statement filed with the Shenzhen Stock Exchange, TCL Corp said that
by purchasing new shares in IPOs, the company could expect an average annual
investment return of 15 pct or above, much higher than that offered by the
one-year bank deposit rate of 3.87 pct.
In addition, it said it will establish a financial settlement center,
which will take charge of the investment.
TCL currently has three major businesses - color televisions, handsets
and PCs. The first two are operated by TCL Multimedia Technology Holdings Ltd
and TCL Communication Technology Holdings Ltd, both of them listed in Hong
Kong.
(1 usd = 7.52 yuan)
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