TELEVISION MANUFACTURER MAKES PLACEMENT OF NEW SHARES

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clpstaff &clp articles

China-based television manufacturer and distributor TCL Multimedia has completed its placement of new shares to TCL Corporation. The placement of new shares…

China-based television manufacturer and distributor TCL Multimedia has completed its placement of new shares to TCL Corporation. The placement of new shares is also to TCL Multimedia's A-share listed parent company and private investors, including the Chairman and CEO of Tencent and the ex-CEO of China Netcom.

Tom Chau, partner at Herbert Smith who led the deal said that one of the challenges was to complete the deal in such a tight time frame. “We only had two weeks to negotiate with various investors and draft documentation for approval by the Hong Kong Stock Exchange and the Securities and Futures Commission including a whitewash waiver,” he said.

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