TCL Multimedia: Tencent's Unit to Acquire Stake in Its Unit Thunderbird Technology

By Chester Yung Features Dow Jones Newswires

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.

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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 chester.yung@wsj.com

(END) Dow Jones Newswires

July 02, 2017 22:52 ET (02:52 GMT)