TCL Multimedia Technology Holdings Ltd. (1070.HK) said Monday Chinese internet giant Tencent Holdings Ltd's (0700.HK) unit Tencent Digital (Shenzhen) Co. Ltd agreed to inject 450 million yuan (US$66.4 million) in capital to acquire a 16.67% stake in Shenzhen Thunderbird Network Technology Co. Ltd.
Continue Reading Below
TCL Multimedia Technology its expects to book a gain of CNY175 million from selling the stake in its unit, Thunderbird Network. The strategic cooperation with Tencent not only provides funding support for the development of its smart television business, but also establishes a joint operation team for both parties, TCL Multimedia Technology said.
Write to Chester Yung at firstname.lastname@example.org
(END) Dow Jones Newswires
July 02, 2017 22:52 ET (02:52 GMT)