HK Stock Market Move | TCL ELECTRONICS(01070) opened nearly 15% higher. TCL plans to restructure and acquire Sony's television business.

TCL ELECTRONICS (01070) opened nearly 15% higher, as of the time of publication, it increased by 14.97%, trading at 12.52 Hong Kong dollars, with a transaction amount of 16.4262 million Hong Kong dollars. On the news front, on January 20, TCL ELECTRONICS announced that it had signed a memorandum of understanding with Sony Corporation for strategic cooperation. The two parties intend to establish a joint venture company to take over Sony's home entertainment business. TCL ELECTRONICS will hold 51% of the shares, and Sony will hold 49%, carrying out integrated business operations including product development, design, manufacturing, sales, logistics, and customer service of products such as televisions and home audio systems on a global scale. According to the announcement, the future joint venture company will integrate Sony's advanced technology, brand value, and operational capabilities in the audiovisual field accumulated over the years, to promote business development, and fully leverage TCL ELECTRONICS' advanced display technology, global scale advantages, comprehensive industry layout, end-to-end cost efficiency, and vertical supply chain advantages. The joint venture company will empower products with the "Sony" and "BRAVIA" brands, aiming to create new customer value.