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Hisense share sale to help LCD panel production

TELEVISION maker Hisense Electric yesterday announced shareholders had approved a plan to raise about 1.5 billion yuan (US$219.6 million) to increase its production of liquid crystal display panels.

Hisense, one of China's biggest television manufacturers, plans to issue up to 150 million A shares at 10.83 yuan apiece through private placement, the company said in a statement filed to the Shanghai Stock Exchange.

It is the latest attempt by a Chinese mainland TV maker to increase production of LCD panels to reduce reliance on Taiwan panel makers.

Hisense will continue to invest in LCD panel production in its goal of cutting costs and selling more than 10 million LCD TVs in 2011, the company said.

Hisense increased 0.26 percent to 11.59 yuan yesterday, compared with a rise of 1.73 percent in Shanghai Composite Index.


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