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TCL Corp Televisions stay focused

TCL Corp said yesterday sales of LCD televisions more than doubled in December while other sectors suffered sharp declines in sales as the deepening global economic downturn bit into demand at home and abroad, according to a statement filed to the Shenzhen Stock Exchange yesterday.

The handset sector is one of the biggest victims in the global financial crisis with sales tumbling 33.4 percent to 911,176 units last month. Most TCL handsets were sold overseas. The firm said it will tap into the opportunities offered by China's 3G service and put the domestic market high on the agenda.

LCD televisions weathered the financial storm better with sales of 599,480 units, a growth of 203.5 percent. Sales of LCD televisions more than doubled each month in 2008.

The Shenzhen-based company has received approval from the China Securities Regulatory Commission to raise 1.39 billion yuan (US$203 million) through private placement and will issue no more than 1 billion yuan short-term bonds in installments.


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