Taipei, March 9, 2011 (CENS)--TCL Mobile Communication Ltd. (TCL), founded in mainland China and listed on Hong Kong Stock Exchange, will issue Taiwan Depository Receipts (TDRs) to raise capital to fund its expansion and other operation plans, according to the firm's chief executive, Guo Aiping.
TCL will issue approximately 109.4 million TDR units, about 10% of the company's 1.094 billion shares in circulation, Guo said.
He added TCL, currently the world's No.7 mobile phone maker, will use around 60-70% of the capital raised from the TDR issuance to boost output to 130 million phones a year in the near future, up from 50 million phones.
The company set shipment goal for this year at 50 million phones, up 39% from last year. Foremost export destination is South America, which absorbed 57% of its shipments, followed by with 41%. Recently, it has won contracts from China Unicom and China Mobile.
Around 30% of the 100 new phone models TCL plans to roll out this year are smartphones, with Google Android 3G taking up the majority. Guo pointed out the company will promote 3G phones in light of Chinese government's 3G push and subsidization of the mainland's top three carriers on 3G phones. Besides, knock-off phones are hardly acceptable in mainland China's 3G market, offering brand-name suppliers lucrative business opportunities.
Throughout last year, the company delivered 36.2 million phones, spiking 125% from a year earlier. Hefty shipments pushed up its revenue by two folds, to HK$8.7 billion (US$1.1 billion) last year, and net income by 30 folds, to HK$702 million (US$91 million at US$1:HK$7.7) in the meantime.
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