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Under the agreements, TCL will acquire part holdings in Sinopharm Hundric Medline at a price of CNY 31.09 million and reinvest CNY 21.22 million into the Beijing-based company. Upon the accomplishment of the deal, TCL will have a 51.8% stake in Sinopharm Hundric Medline and become the first-largest shareholder of the latter. The move indicates that TCL will officially make inroads into the medical electronics segment. In fact, overseas consumer electronics titans, such as GE, Philips, and Siemens, had forayed into the medical equipment market long before. The medical electronics industry grows fast and investment proceeds from the industry are higher, Li Dongsheng, board chairman of TCL said in an interview, adding that the medical electronics industry is also related with TCL's multimedia business. Depending on its advantages in display technologies, the company can enter into the medical electronics industry and enlarge existing resources in an attempt to seek new profit growths. After three-year development, TCL stabilized its financial status. Apart from core businesses, the company has been seeking new operations to push profit increases. Sales of the global medical instrument amounted to USD 336 billion in 2008. The world's medical instrument market has been growing at a pace of over 10% in recent years. China is a major medical instrument production base in Asia and even the world. It is also one of the world's top ten emerging medical instrument markets. Medical instrument sales in the country totaled CNY 220 billion last year. Production value of the nation's medical instrument industry is expected to reach CNY 350 billion at the end of 2010 and CNY 1.575 trillion in 2020, with an annual growth pace of 18% to 20%. TCL reaped sales revenues of CNY 17.079 billion for the first half of 2009, including CNY 9.51 billion in the second quarter. Net profit arrived at CNY 98.91 million, slumping 76.46% year on year, according to the company's interim financial results. The Shenzhen-listed company on October 15, 2009 forecasted a net profit of about CNY 150 million for the first nine months of 2009, with an about 33% rise year on year. Notably, net profit for the third quarter was predicted to be CNY 51 million or so. (USD 1 = CNY 6.83) Source: www.163.com (October 16, 2009) For full details for TCLOF click here.
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