TCL chief takes large slice of US$229 million private placement
Chinese electronics maker TCL Group plans to issue US$229 million worth of shares in a private placement to fund the expansion of liquid crystal display (LCD) panel production, China Business Net reported. Li Dongsheng, the company's director and chief executive, will personally acquire US$41 million worth of the stake. Other buyers were not mentioned. An analyst from Guangfa Securities told the newspaper the project would be unlikely to make a profit in the short term, but that Li's personal acquisition would help build investor confidence. Li's personal assets are estimated at around US$74 million.